Firstbank Corporation Announces Cash Dividend on Common Stock
April 26 2010 - 3:31PM
Thomas R. Sullivan, President and Chief Executive Officer of
Firstbank Corporation (Nasdaq:FBMI), announced today that a $0.01
per share cash dividend will be paid June 17, 2010, to common stock
shareholders of record as of May 28, 2010. The $0.01 per share cash
dividend compares to $0.05 paid in the prior quarter.
Mr. Sullivan stated, "In evaluating the company's ability and
capacity to pay cash dividends the board of directors considers
multiple factors including current and estimated future earnings,
capital levels, economic conditions, and anticipated credit costs.
The company's earnings over the recent past, which have been
reduced due to substantial loan loss provisioning, costs of
managing asset quality, costs of FDIC insurance, and weak loan
demand, do not currently support the previous dividend level. Given
the continued weak economic conditions, the board concluded that it
would be most prudent to again reduce the cash dividend in order to
preserve and enhance Firstbank's balance sheet strength in this
uncertain environment. This was a very difficult decision, and we
want to reassure our shareholders that we remain committed to
positioning the company for improved earnings and performance."
Firstbank Corporation, headquartered in Alma, Michigan, is a
bank holding company using a multi-bank-charter format with assets
of $1.5 billion and 51 banking offices serving Michigan's Lower
Peninsula. Bank subsidiaries include: Firstbank – Alma; Firstbank
(Mt. Pleasant); Firstbank – West Branch; Firstbank – St. Johns;
Keystone Community Bank; and Firstbank – West Michigan.
This press release contains certain forward-looking
statements that involve risks and uncertainties. When used in this
press release the words "anticipate," "believe," "expect,"
"hopeful," "potential," "should," and similar expressions identify
forward-looking statements. Forward-looking statements include, but
are not limited to, statements concerning future business growth,
changes in interest rates, and the resolution of problem loans.
Such statements are subject to certain risks and uncertainties
which could cause actual results to differ materially from those
expressed or implied by such forward-looking statements, including,
but not limited to, economic, competitive, governmental and
technological factors affecting the Company's operations, markets,
products, services, interest rates and fees for services. Readers
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this press
release.
CONTACT: Firstbank Corporation
Samuel G. Stone, Executive Vice President and Chief Financial
Officer
(989) 466-7325
Firstbank Corp. (MM) (NASDAQ:FBMI)
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