Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - FIRSTBANK CORP | fbc_8k-012512v2.htm |
Exhibit 99.1
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NEWS RELEASE
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| FOR IMMEDIATE RELEASE | Contact: Samuel G. Stone | |
| Date Submitted: January 25, 2012 | Executive Vice President and | |
| NASDAQ Symbol: FBMI | Chief Financial Officer | |
| (989) 466-7325 |
Firstbank Corporation Announces Cash Dividend on Common Stock
Alma, MI (FBMI) – Thomas R. Sullivan, President and Chief Executive Officer of Firstbank Corporation, announced today that a $0.06 per share cash dividend will be paid March 15, 2012, to common stock shareholders of record as of February 24, 2012. The $0.06 per share cash dividend is comprised of a $0.01 per share quarterly amount, which is unchanged from the amount paid in the prior quarter, plus an additional $0.05 per share, which represents an additional amount based on earnings for the entire year of 2011. Including the $0.05 additional amount with amounts previously paid in 2011 brings the total common dividend payout ratio for 2011 to 18% of net income available to common shareholders. We intend to maintain a dividend rate for the remaining quarters of 2012 of $0.01 per share per quarter, with an additional amount to be considered following the completion of the year.
Firstbank Corporation, headquartered in Alma, Michigan, is a bank holding company using a multi-bank-charter format with assets of $1.5 billion and 52 banking offices serving Michigan’s Lower Peninsula. Bank subsidiaries include: Firstbank – Alma; Firstbank (Mt. Pleasant); Firstbank – West Branch; Keystone Community Bank; and Firstbank – West Michigan.
This press release contains forward-looking statements that involve risks and uncertainties, for example statements concerning future dividends. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.