Firstbank Corporation Announces Completion of Self Tender Offer
August 05 2004 - 6:17PM
PR Newswire (US)
Firstbank Corporation Announces Completion of Self Tender Offer
ALMA, Mich., Aug. 5 /PRNewswire-FirstCall/ -- Thomas R. Sullivan,
Chief Executive Officer and President of Firstbank Corporation
("Firstbank") (NASDAQ:FBMI) today announced that Firstbank has
purchased 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. The
shares purchased include 500,000 shares that Firstbank is obligated
to purchase under the terms of the offer and an additional 100,000
shares that Firstbank purchased in accordance with the optional
purchase provisions of the offer. Firstbank's total cost to
purchase the 600,000 shares, excluding fees and expenses incurred
in connection with the offer, is $18.0 million. According to the
final report 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 has purchased, in most cases, 87.84%
of the shares tendered by each of its tendering shareholders.
Payment for the purchased shares, and return of certificates for
shares not purchased, will commence on or about 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/
Copyright
Firstbank Corp. (MM) (NASDAQ:FBMI)
Historical Stock Chart
From Jun 2024 to Jul 2024
Firstbank Corp. (MM) (NASDAQ:FBMI)
Historical Stock Chart
From Jul 2023 to Jul 2024