FBMI Firstbank Corp. (MM)

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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