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First Northern Community Bancorp Announces
Continuation of Stock Repurchase Program
The Board of Directors of First Northern Community Bancorp (FNRN),
holding company of First Northern Bank, has announced plans to
continue to provide a stock repurchase program for its outstanding
common stock. Based on market conditions, share repurchases will be
made from time to time in the open market or in privately negotiated
transactions. The repurchase program, which will remain in effect
until April 30, 2006, allows purchases in an aggregate amount of up to
3% of the Bancorp’s outstanding shares of common stock over each
rolling 12-month period. The Company’s current stock repurchase
program expires on April 30, 2004.
As before, the stock repurchase program will provide management with
an effective mechanism for capital management. Commenting on the stock
repurchase program, Owen “John” Onsum, President & Chief Executive
Officer said, “Renewing the Bancorp’s stock repurchase program
demonstrates our ongoing commitment to providing fundamental value for
our shareholders.”
First Northern Bank, established in 1910, is a community based bank
with branch offices strategically located in the communities of Dixon,
Davis, Fairfield, Sacramento, Suisun City, Vacaville, West Sacramento,
Winters and Woodland. The Bank has Real Estate Loan Offices in Davis,
Roseville, El Dorado Hills, Vacaville and Woodland, and an SBA Loan
Department and Asset Management & Trust Department in Sacramento.
First Northern offers a wide range of SBA, real estate, commercial,
agriculture and consumer loans, as well as a full array of alternative
investment products. Information on First Northern Community Bancorp’s
stock can be obtained on the OTC Bulletin Board under the ticker
symbol FNRN. Primary market makers for the stock are UBS Financial
Services, Inc., Hoefer & Arnett, Inc., The Seidler Companies, and
Wedbush Morgan Securities. First Northern Community Bancorp can be
found on the Web at
www.thatsmybank.com.
Forward-Looking Statements
This press release may include certain "forward-looking statements"
about First Northern Community Bancorp (the "Company"). These
forward-looking statements are based on management's current
expectations and are subject to certain risks, uncertainties and
changes in circumstances. Actual results may differ materially from
these expectations due to changes in global political, economic,
business, competitive, market and regulatory factors. More detailed
information about these risk factors is contained in the Company's
most recent reports filed with the Securities and Exchange Commission
on Forms 10-K, 10-Q and 8-K, each as it may be amended from time to
time, which identify important risk factors that could cause actual
results to differ materially from those contained in the
forward-looking statements. The financial information contained in
this release should be read in conjunction with the consolidated
financial statements and notes thereto included in the Company's most
recent reports on Form 10-K and Form 10-Q. The Company undertakes no
obligation to update these forward-looking statements to reflect
events or circumstances arising after the date on which they are made.
For further information regarding the Company, please read the
Company's reports filed with the SEC and available at
www.sec.gov.
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