Exhibit 99.1

FOR IMMEDIATE RELEASE

Date Submitted: July 24, 2007
NASDAQ: FBMI NEWS RELEASE

Contact: Samuel G. Stone
Executive Vice President and
Chief Financial Officer
989-466-7325

FIRSTBANK CORPORATION ANNOUNCES
SECOND QUARTER AND YEAR-TO-DATE 2007 RESULTS

Highlights Include:

• Earnings per share (diluted) of $0.27 for the second quarter and $0.68 for first half of 2007, compared to $0.44 and $0.81 respectively for 2006

• Second quarter 2007 results include $500,000 provision related to a specific reserve and write-off of goodwill related to real estate brokerage

• Non-performing loans increased due primarily to a single credit

• Stabilized net interest margin at 3.91%

• Completion of ICNB merger

Alma, Michigan (FBMI) — Thomas R. Sullivan, President and Chief Executive Officer of Firstbank Corporation, announced earnings per share of $0.27 for the second quarter of 2007 compared to $0.44 in the second quarter of 2006. Net income was $1,747,000 for the quarter ended June 30, 2007, compared to $2,899,000 for the quarter ended June 30, 2006. Returns on average assets and average equity for the second quarter of 2007 were 0.65% and 7.2%, respectively, compared with 1.10% and 12.3%, respectively, in the second quarter of 2006. Two unique factors, the establishment of a $500,000 specific reserve on a loan and the write-off of goodwill related to Firstbank’s real estate brokerage company, affected second quarter results. These factors combined with a stabilized but low net interest margin and continuing weak mortgage and real estate activity to lead to the decline in earnings and profitability. All per share amounts are fully diluted and have been adjusted to reflect the 5% stock dividend paid in December of 2006.

Earnings per share of $0.68 for the first half of 2007 decreased 16.0% compared to the first half of 2006. Net income was $4,405,000 for the six months ended June 30, 2007, down 17.2% from the $5,323,000 for the six months ended June 30, 2006. Returns on average assets and average equity for the first half of 2007 were 0.83% and 9.3%, respectively, compared with 1.03% and 11.6%, respectively, in the first half of 2006. A negative provision for loan loss expense related to the pay-off of a loan which had specific reserves in the first quarter, discussed in previous news releases and filings, more than offset the $500,000 specific reserve and related provision expense booked in the second quarter of 2007, and combined with provision expense related to other loans resulted in a provision expense of $18,000 for the year-to-date period.

Total assets at June 30, 2007, were $1.1 billion and increased 2.6% over the year-ago period. Total portfolio loans of $920 million were 0.9% above the level at June 30, 2006. Total deposits as of June 30, 2007, were $826 million, compared to $810 million at June 30, 2006, an increase of 1.9%. Effective July 1, 2007, Firstbank completed the acquisition of ICNB Financial Corporation. ICNB’s banking subsidiary, headquartered in Ionia, Michigan, became Firstbank – West Michigan and added a $229 million asset bank with ten branches to Firstbank’s network.

Firstbank’s net interest margin, at 3.91% in the second quarter of 2007, increased by 1 basis point from the 3.90% level for the first quarter of 2007 and was 30 basis points lower than the 4.21% level in the second quarter of 2006. The flat yield curve continues to result in reduced spreads between funding costs and earning asset yields. The non-accrual loan discussed below reduced the net interest margin in the second quarter of 2007 by 4 basis points.

Mr.     Sullivan stated, “While it is unsettling to see our state leading the nation in terms of economic concerns, we know that Michigan’s economy is a cyclical one, and better times will return. Our strategy is to take what actions we can to protect our asset values and keep our balance sheet strong, and to keep our company positioned competitively for success in the future. Our lenders continue to adhere to prudent underwriting standards, utilizing traditionally sound loan structures to protect our interests, and we continue to attempt to identify problems early and work with our borrowing customers to navigate through challenging operating conditions when they occur. While Michigan bank stocks in general are out of favor, our dividend alone provides excellent support for value, and we know the time will come when investors will begin to see opportunity. We are very pleased to welcome the shareholders, employees, and directors of ICNB Financial Corporation into the Firstbank family. Our planning for conversion of data processing systems is going very smoothly, and we wish to thank all those involved for the extremely high level of cooperation, and for their positive spirit about the future.”

Firstbank’s non-interest income increased modestly in the second quarter of 2007 compared to the first quarter of 2007. The increase in total non-interest income was 7.3%, but $130,000 of the $162,000 increase was related to the absence of loss on sale of securities that occurred in the first quarter. Gain on sale of mortgage loans, while still at low levels historically, did increase 15.7% in the second quarter compared to the first quarter and was 3.6% above the year-ago level.

Firstbank’s 55% owned real estate brokerage company, C.A. Hanes, continued to operate near break even levels as the volume of properties sold continued at low levels. Due to the soft real estate market, earlier projections for sales volumes and earnings have not been met. As a result, Firstbank determined that the full amount of the remaining $275,000 of goodwill on the books of C.A. Hanes was impaired. The effect of the 45% minority interest reduced the negative impact on Firstbank’s net income to approximately $100,000.

In the second quarter of 2007, total non-interest expense showed an increase of $273,000 from the first quarter, but this increase included the $275,000 charge for goodwill impairment at C.A. Hanes. Firstbank continues to scale back expenses in non-bank subsidiaries and to emphasize expense control in all areas as appropriate. Balanced with the expense control efforts, Firstbank continues to invest in technology, training, and branch expansion. Firstbank – West Michigan opened a new branch office in Hastings, Michigan, in late June, and Keystone Community Bank is building and will open a new office in Paw Paw, Michigan, in the second half of 2007.

In the second quarter of 2007, Firstbank designated as non-accrual a $4.7 million loan on an apartment complex in southeast Michigan. While this apartment complex is currently experiencing cash flow problems, there are certain unique factors that may potentially affect this credit favorably. Nevertheless, due to the uncertainties surrounding the project and current real estate values, Firstbank determined it prudent to establish a $500,000 specific reserve at this time. Firstbank’s involvement in this credit was the result of participating in a loan originated by another bank. Loan participations are a common practice in the industry, and Firstbank has approximately $60 million of exposure related to participation loans from diverse sources and geographies within Michigan. Firstbank’s exposure to properties in southeast Michigan is relatively small. Provision expense in the second quarter was increased by $500,000 from what it otherwise would have been as a result of establishing the specific reserve. At June 30, 2007, the ratio of the allowance for loan losses to loans was 1.03%, up from 1.00% at March 31, 2007.

Net charge-offs were $319,000 in the second quarter of 2007, or 0.14% of average loans on an annualized basis. For the year-to-date, net charge-offs of $483,000 annualized to 0.11% of average loans. The ratio of non-performing loans (including loans past due over 90 days) to loans rose to 0.97% at June 30, 2007, with the increase driven by the one large loan moved to non-accrual status in the second quarter. In the second quarter of 2007, provision expense of $739,000 exceeded net charge-offs, and, excluding the negative component of provision expense of $971,000 related to a loan pay-off in the first quarter, provision expense exceeded net charge-offs year-to-date.

Shareholders’ equity increased 0.8% in the second quarter of 2007, and was 3.5% above the level at June 30, 2006. The ratio of average equity to average assets stood at 9.0% in the second quarter of 2007 – a level consistent over the past two years – indicating that strong equity capital has been maintained. Firstbank did not repurchase shares in the second quarter of 2007.

Firstbank Corporation, headquartered in Alma, Michigan, including the July 1, 2007, acquisition of ICNB Financial Corporation, is a seven bank financial services company with assets of $1.3 billion and 51 banking offices serving Michigan’s Lower Peninsula. Bank subsidiaries include: Firstbank – Alma; Firstbank (Mt. Pleasant); Firstbank – West Branch; Firstbank – Lakeview; Firstbank – St. Johns; Keystone Community Bank; and Firstbank – West Michigan.

This press release contains certain forward-looking statements that involve risks and uncertainties. When used in this press release the words “anticipate,” “believe,” “expect,” “hopeful,” “potential,” “should,” and similar expressions identify forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning future business growth, changes in interest rates, and the resolution of problem loans. Such statements are subject to certain risks and uncertainties which could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including, but not limited to, economic, competitive, governmental and technological factors affecting the Company’s operations, markets, products, services, interest rates and fees for services. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.

FIRSTBANK CORPORATION
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
UNAUDITED

	Jun 30 2007			Mar 31 2007			Dec 31 2006			Jun 30 2006
ASSETS
Cash and cash equivalents:
Cash and due from banks	$	31,305		$	28,091		$	32,084		$	30,065
Short term investments		16,192			32,739			24,853			4,141
Total cash and cash equivalents		47,497			60,830			56,937			34,206
Securities available for sale		73,407			68,651			69,125			68,916
Federal Home Loan Bank stock		6,061			5,924			5,924			6,506
Loans:
Loans held for sale		628			283			1,120			468
Portfolio loans:
Commercial		198,637			199,067			194,810			196,789
Commercial real estate		267,474			266,084			286,249			302,307
Residential mortgage		299,456			295,385			284,137			282,264
Real estate construction		89,173			89,844			81,218			67,933
Consumer		64,840			62,201			63,106			62,403
Total portfolio loans		919,580			912,581			909,520			911,696
Less allowance for loan losses		(9,501	)		(9,081	)		(9,966	)		(11,621	)
Net portfolio loans		910,079			903,500			899,554			900,075
Premises and equipment, net		20,179			20,251			20,232			19,992
Goodwill		19,819			20,094			20,094			19,888
Other intangibles		2,723			2,884			3,045			3,374
Other assets		19,055			18,684			19,061			18,230
TOTAL ASSETS	$	1,099,448		$	1,101,101		$	1,095,092		$	1,071,655
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Deposits:
Noninterest bearing accounts	$	128,651		$	120,295		$	131,942		$	130,940
Interest bearing accounts:
Demand		155,085			167,082			161,228			163,988
Savings		137,263			134,484			127,301			134,691
Time		363,673			359,556			350,710			310,805
Wholesale CD's		41,074			52,195			64,245			69,881
Total deposits		825,746			833,612			835,426			810,305
Securities sold under agreements to
repurchase and overnight borrowings		42,897			38,170			35,179			40,452
FHLB Advances and notes payable		97,370			94,146			94,177			91,706
Subordinated Debt		20,620			20,620			20,620			20,620
Accrued interest and other liabilities		13,894			16,423			13,617			13,033
Total liabilities		1,000,527			1,002,971			999,019			976,116
SHAREHOLDERS' EQUITY
Preferred stock; no par value, 300,000
shares authorized, none issued
Common stock; 20,000,000 shares authorized		93,119			92,373			91,652			87,276
Retained earnings		6,026			5,749			4,552			8,734
Accumulated other comprehensive income/(loss)		(224	)		8			(131	)		(471	)
Total shareholders' equity		98,921			98,130			96,073			95,539
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	1,099,448		$	1,101,101		$	1,095,092		$	1,071,655
Common stock shares issued and outstanding		6,555,767			6,518,143			6,484,202			6,579,340
Principal Balance of Loans Serviced for Others ($mil)	$	471.5		$	470.5		$	472.0		$	473.5
Asset Quality Ratios:
Non-Performing Loans / Loans^		0.97	%		0.34	%		0.47	%		0.81	%
Non-Perf. Loans + OREO / Loans^ + OREO		1.17	%		0.48	%		0.65	%		0.96	%
Non-Performing Assets / Total Assets		0.98	%		0.40	%		0.54	%		0.81	%
Allowance for Loan Loss as a % of Loans^		1.03	%		1.00	%		1.10	%		1.27	%
Allowance / Non-Performing Loans		106	%		293	%		234	%		157	%
Quarterly Average Balances:
Total Portfolio Loans^	$	916,775		$	903,807		$	915,191		$	900,802
Total Earning Assets		1,012,900			990,838			999,225			980,713
Total Shareholders' Equity		98,466			96,590			95,761			95,242
Total Assets		1,097,395			1,087,428			1,083,518			1,065,125
Diluted Shares Outstanding		6,545,229			6,516,568			6,543,831			6,623,638

^ Total Loans less loans held for sale

FIRSTBANK CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands except per share data)
UNAUDITED

	Three Months Ended:									Six Months Ended:
	Jun 30 2007			Mar 31 2007			Jun 30 2006			Jun 30 2007			Jun 30 2006
Interest income:
Interest and fees on loans	$	17,042		$	16,798		$	16,688		$	33,840		$	32,531
Investment securities
Taxable		686			626			540			1,312			1,053
Exempt from federal income tax		267			270			241			537			489
Short term investments		269			311			76			580			187
Total interest income		18,264			18,005			17,545			36,269			34,260
Interest expense:
Deposits		6,589			6,507			5,463			13,096			10,407
Notes payable and other borrowing		2,001			1,977			1,957			3,978			3,786
Total interest expense		8,590			8,484			7,420			17,074			14,193
Net interest income		9,674			9,521			10,125			19,195			20,067
Provision for loan losses		739			(721	)		200			18			385
Net interest income after provision for loan losses		8,935			10,242			9,925			19,177			19,682
Noninterest income:
Gain on sale of mortgage loans		375			324			362			699			610
Service charges on deposit accounts		994			944			1,016			1,938			1,938
Gain (loss) on sale of securities		0			(130	)		1			(130	)		7
Mortgage servicing		130			145			120			275			204
Other		895			949			1,499			1,844			2,522
Total noninterest income		2,394			2,232			2,998			4,626			5,281
Noninterest expense:
Salaries and employee benefits		4,827			4,730			4,627			9,557			9,185
Occupancy and equipment		1,326			1,351			1,231			2,677			2,503
Amortization of intangibles		436			161			168			597			336
FDIC insurance premium		25			24			25			49			53
Other		2,354			2,429			2,693			4,783			5,159
Total noninterest expense		8,968			8,695			8,744			17,663			17,236
Income before federal income taxes		2,361			3,779			4,179			6,140			7,727
Federal income taxes		614			1,121			1,280			1,735			2,404
Net Income	$	1,747		$	2,658		$	2,899		$	4,405		$	5,323
Fully Tax Equivalent Net Interest Income	$	9,855		$	9,698		$	10,290		$	19,553		$	20,374
Per Share Data:
Basic Earnings	$	0.27		$	0.41		$	0.44		$	0.68		$	0.81
Diluted Earnings	$	0.27		$	0.41		$	0.44		$	0.68		$	0.81
Dividends Paid	$	0.225		$	0.225		$	0.214		$	0.450		$	0.424
Performance Ratios:
Return on Average Assets*		0.65	%		1.01	%		1.10	%		0.83	%		1.03	%
Return on Average Equity*		7.2	%		11.4	%		12.3	%		9.3	%		11.6	%
Net Interest Margin (FTE) *		3.91	%		3.90	%		4.21	%		3.90	%		4.20	%
Book Value Per Share+	$	15.15		$	15.05		$	14.52		$	15.15		$	14.52
Average Equity/Average Assets		9.0	%		8.9	%		8.9	%		8.9	%		8.9	%
Net Charge-offs	$	319		$	164		$	141		$	483		$	323
Net Charge-offs as a % of Average Loans^*		0.14	%		0.07	%		0.06	%		0.11	%		0.07	%

* Annualized
+ Period End
^ Total loans less loans held for sale