Exhibit 99.1
Press Release for FirstBank NW Corp. dated July 21, 2005.
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EXHIBIT 99.1
FIRSTBANK NW CORP. CONTACT: Clyde E. Conklin
1300 16th Avenue Pres. & CEO
CLARKSTON, WA 99403 (509) 295-5100
NEWS RELEASE
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FIRSTBANK NW CORP. REPORTS
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RESULTS OF ITS ANNUAL MEETING OF STOCKHOLDERS
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HELD ON JULY 20, 2005
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CLARKSTON, WA - July 21, 2005 - FirstBank NW Corp. (Nasdaq: FBNW), the holding
company for FirstBank Northwest, held its Annual Meeting of Stockholders at the
Quality Inn, Clarkston, Washington, on July 20, 2005. Clyde E. Conklin,
President and Chief Executive Officer announced the re-election of James N.
Marker, Sandra T. Powell and Russell H. Zenner as directors of the Company for a
three-year term, the approval of amending the Company's Articles of
Incorporation to increase the authorized number of shares of common stock from
5,000,000 to 49,500,000, and the appointment of Moss-Adams, LLP as the Company's
independent auditors for fiscal year ending March 31, 2006.
In the reorganization meeting that followed, the directors re-appointed Steve R.
Cox as Board Chairman, Clyde E. Conklin as President and Chief Executive
Officer, and Larry K. Moxley as Executive Vice President and Chief Financial
Officer.
At the Annual Meeting, Conklin reported March 31, 2005 fiscal year end net
income of $6.28 million, or $2.09 per share on a diluted basis, and growth in
total assets to $801 million.
"FirstBank Northwest continues to demonstrate sound growth in assets, income and
market share," said Conklin. "As the community bank subsidiary of a publicly
traded company, FirstBank Northwest is an excellent resource for the commercial
businesses, farmers and consumers throughout its market area."
FirstBank NW Corp. is the parent of FirstBank Northwest. Founded in 1920,
FirstBank Northwest is based in Clarkston, Washington. FirstBank Northwest
operates 20 branch locations in Idaho, eastern Washington and eastern Oregon, in
addition to residential loan centers in Lewiston, Coeur d'Alene, Boise and
Nampa, Idaho, Spokane, Washington, and Baker City, Oregon. Salomon Smith Barney
has investment centers in the Coeur d'Alene, Idaho, Clarkston and Liberty Lake,
Washington branches, and the Baker City, LaGrande, Pendleton and Ontario, Oregon
branches. FirstBank Northwest is known as the local community bank, offering its
customers highly personalized service in the many communities it serves.
Certain matters in this News Release may constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform
Act of 1995. These forward-looking statements may relate to, among others,
expectations of the business environment in which the Company operates,
projections of future performance, including operating efficiencies,
perceived opportunities in the market, potential future credit experience
and statements regarding the Company's mission and vision. These
forward-looking statements are based upon current management expectations,
and may, therefore, involve risks and uncertainties. The Company's actual
results, performance, and achievements may differ materially from those
suggested, expressed or implied by forward-looking statements due to a wide
range of factors including, but not limited to, the general business
environment, interest rates, the real estate market in Washington, Idaho
and Oregon, the demand for mortgage loans, competitive conditions between
banks and non-bank financial service providers, regulatory changes, costs
of implementing additional securities requirements and requirements of the
Sarbanes Oxley Act of 2002 and other risks detailed in the Company's
reports filed with the Securities and Exchange Commission, including its
Annual Report on Form 10-KSB for the fiscal year ended March 31, 2005.
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