FirstBank NW Corp. Completes Acquisition of Oregon Trail Financial Corp.
November 03 2003 - 9:00AM
PR Newswire (US)
FirstBank NW Corp. Completes Acquisition of Oregon Trail Financial
Corp. CLARKSTON, Wash., Nov. 3 /PRNewswire-FirstCall/ -- FirstBank
NW Corp. ("FirstBank") , the holding company for FirstBank
Northwest (the "Bank"), announced today the successful completion
of its acquisition of Oregon Trail Financial Corp. ("Oregon Trail")
and the merger of Oregon Trail's wholly-owned subsidiary, Pioneer
Bank, A Federal Savings Bank ("Pioneer") with and into the Bank,
all effective as of October 31, 2003. Clyde E. Conklin, President
and Chief Executive Officer of FirstBank stated, "We are very
pleased to welcome the former customers, stockholders and employees
of Oregon Trail and Pioneer to our company. All of the Pioneer
branches will be converted to FirstBank branches as rapidly as
possible. We are confident that this transaction will enhance
shareholder value and will provide long term benefits for our
customers and the communities we serve." Berniel L. Maughan,
President and Chief Executive Officer of Oregon Trail, stated that
he was "very pleased that the merger had been finalized." He added,
"the customers of Pioneer are fortunate to be able to continue to
be served with a vision rooted in the same values as Pioneer.
FirstBank's very strong commitment to customer service and their
demonstrated effectiveness in serving rural communities reflects
Pioneer's own market emphasis, tradition and goals." 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.
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 48.27990% 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
51.72010% 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. As a result of the
acquisition, FirstBank will have assets in excess of $660 million,
deposits of approximately $465 million and will operate 17 banking
offices located in Washington, Idaho and Oregon. Founded in 1920,
the Bank is based in Clarkston, Washington, and is known as the
local community bank, offering its customers highly personalized
service in the many communities it serves. Forward-Looking
Information 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, FirstBank
NW Corp., President and Chief Executive Officer, +1-509-295-5100
Web site: http://www.fbnw.com/
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