Firstbank Corporation Announces Cash Dividend on Common Stock
December 11 2012 - 8:45AM
Thomas R. Sullivan, President and Chief Executive Officer of
Firstbank Corporation (Nasdaq:FBMI), announced today that a $0.20
per share special cash dividend will be paid December 31, 2012, to
common stock shareholders of record as of December 20, 2012. The
$0.20 per share cash dividend will be the 5th dividend payment in
2012 and represents an additional amount based on expected earnings
for the entire year of 2012. As stated previously, we maintained a
quarterly dividend rate for 2012 of $0.01 per share per quarter,
with an additional amount to be considered following the completion
of the year. However, the Board is declaring the additional amount
before the completion of 2012, based on expected earnings, because
of uncertainty over potential changes in tax rates.
The cash dividend on common stock payable on December 31, 2012
will be in addition to, and will not affect, the dividend that has
been previously declared for payment on December 13, 2012. The
Board also determined that it will next consider a cash dividend at
its February 2013 meeting, for payment in March 2013, and that it
intends to return to its former practice of establishing a regular
quarterly cash dividend that reflects the expected annual earnings
of the company, eliminating the once per year special dividend.
Firstbank Corporation, headquartered in Alma, Michigan, is a
bank holding company using a community bank local decision-making
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; Keystone
Community Bank; and Firstbank – West Michigan.
This press release contains forward-looking statements that
involve risks and uncertainties, for example statements concerning
expected earnings and future dividend dates and amounts. 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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