First State Bancorporation ("First State”) (NASDAQ: FSNM) announced
today the retention of Keefe, Bruyette & Woods ("KBW”) as a financial
advisor to the Corporation for the review of strategic alternatives to
enhance shareholder value, including the possibility of entering into a
business combination with a strategic partner. First State further
stated that there can be no assurance that the review of strategic
alternatives will result in First State pursuing any particular
transaction or strategy, or if it pursues any such transaction or
strategy, that it will be completed. First State does not expect to make
further public comment regarding the review until the Board of Directors
has approved a specific transaction or otherwise deems disclosure of
significant developments is appropriate.
"Although our bank is well capitalized and has $79 million in our
allowance for loan losses that is not included in our capital
calculation, we believe it is in our shareholders’ best interest to
consider various strategic alternatives,” stated Michael R. Stanford,
President and Chief Executive Officer. "KBW’s expertise and counsel will
be extremely valuable in our analysis and assessment of these
alternatives for our company. KBW has worked closely with our company
since 1997, are very familiar with our operations and are extremely well
qualified to assist us in this process,” continued Stanford.
First State Bancorporation is a New Mexico based commercial bank holding
company (NASDAQ: FSNM). First State provides services, through its
subsidiary First Community Bank, to customers from a total of 40
branches located in New Mexico and Arizona. On Wednesday, August 5,
2009, First State’s stock closed at $1.12 per share.
Certain statements in this news release are forward-looking statements,
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act”).
These statements are based on management’s current expectations or
predictions of future results or events. We make these forward-looking
statements in reliance on the safe harbor provisions provided under the
Private Securities Litigation Reform Act of 1995.
All statements, other than statements of historical fact, included in
this news release which relate to performance, development or activities
that we expect or anticipate will or may happen in the future, are
forward-looking statements. The discussions regarding our growth
strategy, expansion of operations in our markets, acquisitions,
dispositions, competition, loan and deposit growth, timing of new branch
openings, capital expectations, and response to consolidation in the
banking industry include forward-looking statements. Other
forward-looking statements may be identified by the use of
forward-looking words such as "believe,” "expect,” "may,” "might,”
"will,” "should,” "seek,” "could,” "approximately,” "intend,” "plan,”
"estimate,” or "anticipate” or the negative of those words or other
similar expressions.
Forward-looking statements involve inherent risks and uncertainties and
are based on numerous assumptions. They are not guarantees of future
performance. A number of important factors could cause actual results to
differ materially from those in the forward-looking statement. Some
factors include changes in interest rates, local business conditions,
government regulations, loss of key personnel or inability to hire
suitable personnel, faster or slower than anticipated growth, economic
conditions, our competitors’ responses to our marketing strategy or new
competitive conditions, and competition in the geographic and business
areas in which we conduct our operations. Forward-looking statements
contained herein are made only as of the date made, and we do not
undertake any obligation to update them to reflect events or
circumstances after the date of this report to reflect the occurrence of
unanticipated events.
Because forward-looking statements involve risks and uncertainties, we
caution that there are important factors, in addition to those listed
above, that may cause actual results to differ materially from those
contained in the forward-looking statements. These factors are included
in our Form 10-K for the period ended December 31, 2008, as filed with
the Securities and Exchange Commission.
First State’s news releases and filings with the Securities and Exchange
Commission are available through the Investor Relations section of First
State’s website at www.fcbnm.com.
