Firstbank Corporation to Purchase Approximately 600,000 Shares of Outstanding Common Stock Pursuant to Its Self Tender Offer
August 02 2004 - 6:22PM
PR Newswire (US)
Firstbank Corporation to Purchase Approximately 600,000 Shares of
Outstanding Common Stock Pursuant to Its Self Tender Offer ALMA,
Mich., Aug. 2 /PRNewswire-FirstCall/ -- Thomas R. Sullivan, Chief
Executive Officer and President of Firstbank Corporation
("Firstbank") (NASDAQ:FBMI) today announced that Firstbank intends
to purchase approximately 600,000 of its common shares
(representing approximately 10.7% of its shares currently
outstanding) at $30.00 per share pursuant to its self tender offer
which expired July 30, 2004. Firstbank expects that the total cost
to purchase the estimated 600,000 shares, excluding fees and
expenses incurred in connection with the offer, will be $18.0
million. According to preliminary reports from the depositary for
the offer, the number of shares tendered for purchase under the
offer prior to its expiration exceeded the number of shares that
Firstbank intends to purchase. Therefore, Firstbank will in most
cases purchase approximately 87.7% of the shares tendered by each
of its shareholders. Tenders made by certain "odd lot" holders will
be purchased in their entirety, and tenders made by certain
shareholders who conditioned their tenders will be purchased (or
not purchased) in accordance with the procedures set forth in the
offer. Payment for the purchased shares, and return of certificates
for shares not purchased, is expected to be made commencing August
9, 2004. Any questions with regard to the tender offer may be
directed to the depositary for the tender offer, Registrar and
Transfer Company at (800) 368- 5948 or the Dealer
Manager/Information Agent for the tender offer, Howe Barnes
Investments, Inc. at (800) 929-4693. Firstbank may, in the future,
purchase additional shares of its common stock pursuant to its
previously announced stock repurchase program, although Firstbank
and its affiliates are prohibited from purchasing shares until at
least August 16, 2004. Firstbank Corporation, headquartered in
Alma, Michigan is currently a five bank financial services company
with assets of $786 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, MML Investors Services, Inc., and Raymond James
Financial Services Inc. 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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