Firstbank Corporation Announces Cash Dividend on Common Stock
January 25 2012 - 8:45AM
Thomas R. Sullivan, President and Chief Executive Officer of
Firstbank Corporation (Nasdaq:FBMI), announced today that a $0.06
per share cash dividend will be paid March 15, 2012, to common
stock shareholders of record as of February 24, 2012. The $0.06 per
share cash dividend is comprised of a $0.01 per share quarterly
amount, which is unchanged from the amount paid in the prior
quarter, plus an additional $0.05 per share, which represents an
additional amount based on earnings for the entire year of 2011.
Including the $0.05 additional amount with amounts previously paid
in 2011 brings the total common dividend payout ratio for 2011 to
18% of net income available to common shareholders. We intend to
maintain a dividend rate for the remaining quarters of 2012 of
$0.01 per share per quarter, with an additional amount to be
considered following the completion of the year.
Firstbank Corporation, headquartered in Alma, Michigan, is a
bank holding company using a multi-bank-charter format with assets
of $1.5 billion and 52 banking offices serving Michigan's Lower
Peninsula. Bank subsidiaries include: Firstbank – Alma; Firstbank
(Mt. Pleasant); Firstbank – West Branch; Keystone Community Bank;
and Firstbank – West Michigan.
This press release contains forward-looking statements that
involve risks and uncertainties, for example statements concerning
future dividends. 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: Samuel G. Stone
Executive Vice President and
Chief Financial Officer
(989) 466-7325
Firstbank Corp. (MM) (NASDAQ:FBMI)
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