OTFC Oregon Trail Financial (MM)

FirstBank NW Corp. and Oregon Trail Financial Corp. Announce Final Results of Election Period CLARKSTON, Wash. and BAKER CITY, Ore., Oct. 28 /PRNewswire-FirstCall/ -- FirstBank NW Corp. ("FirstBank") and Oregon Trail Financial Corp. ("Oregon Trail") . announced today the final results of the cash/stock election in connection with the pending merger of the two companies. Under the terms of the Merger Agreement between FirstBank and Oregon Trail dated February 24, 2003, the merger consideration consists of approximately 1,480,064 shares of FirstBank common stock and approximately $36.5 million based upon the 3,108,657 shares of Oregon Trail common stock outstanding as of the completion of the merger. Pursuant to the Merger Agreement, Oregon Trail shareholders were given the opportunity to elect to receive either cash or stock of FirstBank in exchange for the Oregon Trail shares they owned. As previously announced, the results of the election process indicated that more Oregon Trail shareholders elected to receive stock of FirstBank than was available. Therefore, pursuant to the allocation procedures set forth in the Merger Agreement, Oregon Trail shareholders who elected to receive stock of FirstBank will also receive cash as consideration for the Oregon Trail shares they own. Specifically, each Oregon Trail shareholder who submitted a valid election for stock consideration will receive .482412230% stock (multiplied by the exchange ratio of 1.021 less any fractional share interest of FirstBank common stock paid at a rate of $28.16 per share) and 51.75878% cash paid at a rate of $22.00 per share for each share of Oregon Trail common stock they own. The remaining shares of Oregon Trail common stock for which valid elections were not submitted will be treated as cash elections. Oregon Trail shareholders who did not make a valid election will soon receive instructions on the cash exchange for their Oregon Trail shares. The parties currently anticipate that the merger will be completed after the close of business on October 31, 2003. Statements contained in this news release which are not historical facts are forward looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by FirstBank with the Securities and Exchange Commission. DATASOURCE: FirstBank NW Corp. CONTACT: Clyde E. Conklin, President and Chief Executive Officer of FirstBank NW Corp., +1-509-295-5100 Web site: http://www.fbnw.com/

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