DIXON, Calif.--(BUSINESS WIRE)--
The Board of Directors of First Northern Community Bancorp
(OTCBB:FNRN), holding company of First Northern Bank, has announced a
new stock repurchase program for the Company's 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 new repurchase program will begin June 22, 2007 and
will remain in effect until June 21, 2009. The program allows
purchases in an aggregate amount of up to 4% of First Northern
Community Bancorp's outstanding shares of common stock over each
rolling 12-month period at prices not exceeding the prices then
prevailing on the over-the-counter market. The new program replaces
the stock repurchase program that commenced May 1, 2006.
The stock repurchase program is intended to provide management
with an effective mechanism for capital management. Commenting on the
stock repurchase program, Owen "John" Onsum, President & Chief
Executive Officer said, "The Bancorp's stock repurchase program
demonstrates our ongoing commitment to providing fundamental value for
our shareholders."
First Northern Bank, an independent community bank headquartered
in Solano County since 1910, serves Solano, Yolo, Sacramento, Placer
and parts of El Dorado Counties. First Northern currently has 11
branches located in Dixon, Davis, West Sacramento, Fairfield,
Vacaville, Winters, Woodland, Downtown Sacramento, Roseville, and most
recently in Folsom. The Bank has real estate lending offices in Davis,
Woodland, Vacaville, Roseville and Folsom, and has an SBA Loan Office
and full service Trust Department in Sacramento. First Northern also
offers non-FDIC insured Investment and Brokerage Services at each
branch location. First Northern Bank's stock is listed on the OTC
Bulletin Board under the ticker symbol "FNRN". The Bank can be found
on the Web at www.thatsmybank.com.
Forward Looking Statements
This document includes certain "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995.
These statements are based on management's current expectations and
are subject to uncertainty 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 those factors is
contained in First Northern'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 from those contained
in the forward-looking statements. First Northern disclaims any intent
or obligation to update these forward-looking statements.
Source: First Northern Community Bancorp
Contact: First Northern Community Bancorp & First Northern Bank
Owen J. Onsum, 707-678-3041
President & CEO