News and Press Releases
Dec 22, 2017
To Celebrate 95 Years of Service to Alaskans, First National Bank Alaska’s Board of Directors Approve a 10-for-1 Stock Split
To be Voted on by Shareholders at the 2018 Annual Meeting of Shareholders
Anchorage – On December 21, 2017, the Board of Directors of First National Bank Alaska (the “Bank”) approved an amendment to the Bank’s Articles of Association that would split each outstanding share of Bank common stock into 10 shares. The amendment must be approved by Bank shareholders prior to effecting the stock split, and shareholders will have an opportunity to vote on the amendment as a part of the Bank’s 2018 Annual Meeting of Shareholders to be held in April 2018.
The purpose of the stock split is to increase trading and liquidity in the stock by making the price per share more affordable. Shareholders will be provided with complete information about the proposed stock split and its material impacts prior to the 2018 Annual Meeting of Shareholders.
Founded in Anchorage, Alaska in 1922 by Winfield Ervin, 2017 marks First National’s 95th-year in business. Mr. Ervin stated the reason he went into the banking business “was because I had faith in the future of Anchorage.”
Ninety-five years later the little Anchorage bank has grown into Alaska’s largest and strongest locally-owned bank, with assets of some $3.8 billion, and neighborhood branches in 18 communities across the state.
Like her father before her, and his mother before that, third generation Board Chair and President Betsy Lawer said the bank’s founder had it right in 1922, “We still believe in Alaska, and the special people who live and work in our local communities. They are our neighbors and our friends and we are genuinely interested in their success. We are proud to help them fuel their businesses, buy homes and send their children to college. We’ve made it through Alaska’s booms and busts for 95 years. We will continue to leverage the valuable lessons we’ve learned and experience we’ve gained to help our Alaska customers achieve their financial goals over the next 95 years.”
This communication relates an item of business to be considered at the 2018 Annual Meeting of Shareholders of First National Bank Alaska.In connection with such meeting, First National Bank Alaska will prepare and mail to each shareholder a notice and proxy statement related to the meeting. BEFORE MAKING ANY VOTING DECISION, SHAREHOLDERS ARE URGED TO READ THE PROXY STATEMENT BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED STOCK SPLIT AND THE OTHER ITEMS OF BUSINESS TO BE CONSIDERED AT THE MEETING. When available, shareholders may obtain copies of the proxy statement free of charge from First National Bank Alaska by contacting First National’s Trust Department at 777-4560.
Visit FNBAlaska.com for more information about Alaska’s largest locally-owned bank and access to efficient and secure online banking services.
CONTACT
Cheri Gillian
Marketing Department
907-777-3409
Contact: Marketing Department, (907) 777-3409