Firstbank Corporation Announces Update to Share Repurchase Program
November 25 2003 - 9:27AM
PR Newswire (US)
Firstbank Corporation Announces Update to Share Repurchase Program
ALMA, Mich., Nov. 25 /PRNewswire-FirstCall/ -- Thomas R. Sullivan,
President and Chief Executive Officer of Firstbank Corporation ,
announced the authorization by Firstbank Corporation's Board of
Directors for the continuation of the company's common stock
repurchase program announced on July 23, 2002. In the fourth
quarter of 2003, through November 21, the company has repurchased
72,900 shares. Combined with expenditures for these share
repurchases and those disclosed previously, the company has spent
approximately $8.2 million of the $10 million previously
authorized. The update announced today will re-establish
authorization to repurchase shares for an aggregate amount of up to
$10 million from this point forward. Mr. Sullivan stated, "The
updated authorization allows shares to be repurchased from time to
time in keeping with the company's capital needs and desire to
maintain a 'well capitalized' regulatory capital rating. We
continue to have growth objectives and expectations, and plan to
retain appropriate capital in the company to support growth
opportunities." Sullivan continued, "Firstbank Corporation plans to
continue to rely primarily on open market purchases using selected
brokerage firms, on a rotating basis, to conduct its share
repurchase activity." The timing and amount of share repurchases
will be determined by the company's management based on its
evaluation of market and economic conditions and other factors. The
company reported that the repurchased shares will be available for
use in connection with the company's stock option plans, employee
stock purchase and other stock benefit plans, and for general
corporate purposes, including acquisitions. Firstbank Corporation,
headquartered in Alma, Michigan is currently a five bank financial
services company with assets of $765 million and 35 banking offices
located in central and northeast Michigan. Bank subsidiaries
include: Firstbank - Alma; Firstbank (Mt. Pleasant); Firstbank -
West Branch; Firstbank - Lakeview; and Firstbank - St. Johns. Other
corporate affiliates include 1st. Armored Inc.; 1st. Title; Gladwin
Land Company, Inc.; and C.A. Hanes Realty, Inc. Investment services
are available through affiliations with CB Wealth Management N.A.,
MML Investors Services, Inc., Raymond James Financial Services
Inc., and SunAmerica Securities Inc. Information on Firstbank
Corporation is available on the Internet at
http://www.firstbank-corp.com/ Statements in this press release
regarding the company's intention to repurchase shares of its
common stock from time to time under the stock repurchase program,
the intended use of any repurchased shares and the maintenance of
the company's capital position are forward-looking statements.
There are a number of important factors that could cause actual
events to differ materially from those suggested or indicated by
such forward-looking statements. These include, among others, the
market price of the company's stock prevailing from time to time,
the nature of other investment opportunities presented to the
company from time to time, the company's cash flows from
operations, general economic conditions, and other factors
identified in the company's Annual Report on Form 10-K and most
recent Quarterly Reports on Form 10-Q filed with the Securities and
Exchange Commission. DATASOURCE: Firstbank Corporation CONTACT:
Samuel G. Stone, Executive Vice President and Chief Financial
Officer of Firstbank Corporation, +1-989-466-7325 Web site:
http://www.firstbank-corp.com/
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