Exhibit 99.1

FOR IMMEDIATE RELEASE

Date Submitted:       October 25, 2007
NASDAQ Symbol:  FBMI NEWS RELEASE

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

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

Highlights Include:

• Earnings per share (diluted) of $0.33 for the third quarter and $1.00 for first nine months of 2007, compared to $0.41 and $1.22 respectively for 2006

• Net charge-offs at 0.09% annualized for the third quarter and 0.10% annualized for the nine-months of 2007

• Stabilized net interest margin at 3.89% including 0.08% drag from funding costs of ICNB purchase

• Third quarter 2007 results include $104,000 after tax loss on disposition of real estate brokerage business

• Successful integration progress with ICNB/Firstbank - West Michigan

Alma, Michigan (FBMI) — Thomas R. Sullivan, President and Chief Executive Officer of Firstbank Corporation, announced earnings per share of $0.33 for the third quarter of 2007 compared to $0.41 in the third quarter of 2006. Net income was $2,415,000 for the quarter ended September 30, 2007, compared to $2,717,000 for the quarter ended September 30, 2006. Returns on average assets and average equity for the third quarter of 2007 were 0.71% and 8.2%, respectively, compared with 0.99% and 11.2%, respectively, in the third quarter of 2006. A loss of $104,000 after tax on the final disposition of Firstbank’s interest in the real estate brokerage company C.A. Hanes was included in third quarter results. This factor, combined with the stabilized but low net interest margin and continuing weak mortgage activity, led to the decline in earnings and profitability compared to year-ago periods. 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 $1.00 for the first nine months of 2007 decreased 18.0% compared to the first nine months of 2006. Net income was $6,820,000 for the nine months ended September 30, 2007, down 15.2% from the $8,040,000 for the nine months ended September 30, 2006. Returns on average assets and average equity for the first nine months of 2007 were 0.78% and 8.9%, respectively, compared with 1.02% and 11.4%, respectively, in the first nine months of 2006. Provision expense in the first nine months of 2007 was $241,000, including some unique amounts in the first and second quarters, and a more normal level in the third quarter. The unique amounts have been reported previously and were a negative provision related to the pay-off of a loan which had specific reserves in the first quarter, and a $500,000 specific reserve established for a different credit in the second quarter.

Balance sheet comparisons to prior periods are affected by the acquisition of ICNB Financial Corporation on July 1, 2007, and the inclusion in the consolidated totals of its bank Firstbank – West Michigan, which had assets of $239.8 million at September 30, 2007. Total assets at September 30, 2007, were $1.4 billion, an increase of 26.0% over the year-ago period. Total portfolio loans of $1.117 billion were 22.4% above the level at September 30, 2006. Excluding the loans of Firstbank – West Michigan, total portfolio loans grew 2.8%, reflecting the sluggish economy in Michigan and the payoff of certain credits. Total deposits as of September 30, 2007, were $1.004 billion compared to $820 million at September 30, 2006. Excluding the deposits of Firstbank – West Michigan, total deposits grew 1.9%. Firstbank exhibited success in growing core deposits, as total deposits excluding wholesale deposits and excluding Firstbank – West Michigan deposits, increased 6.1%.

Firstbank’s net interest margin, at 3.89% in the third quarter of 2007, decreased by 2 basis points from the 3.91% level for the second quarter of 2007 and was 26 basis points lower than the 4.15% level in the third quarter of 2006. The impact of interest expense on funds used to purchase ICNB Financial reduced the net interest margin by 8 basis points in the third quarter, indicating that the underlying net interest margin would have increased without this factor. While the underlying net interest margin showed stability and some improvement from the second to the third quarter, the 50 basis point reduction in the prime rate on September 17^th had the immediate effect of reducing yields on loans tied to prime, while rates for deposit costs will adjust more slowly. The flat to negative yield curve in the 1-day to 5-year range continues to result in reduced spreads between funding costs and earning asset yields compared to past years.

Mr.     Sullivan stated, “We recognize that during this economic cycle nationally, and especially in the state of Michigan, earnings will be under pressure. While our net interest margin is narrower than we would like, it improved from the second quarter to the third quarter when adjusting for the impact of funding the ICNB purchase. We are continuing to focus our efforts on asset quality, managing our banks, and growing our franchise. We have been very pleased with the integration of ICNB Financial and the cooperation and enthusiasm of their management and employees. Our people worked very hard to complete a challenging data processing conversion during the quarter, and overall we are on track with our expectations. The fit of their market areas with our other banks is very good.

“The third quarter was uneventful for us in terms of changes affecting the credits we watch most closely, and we feel that we are managing our credit quality well. However, given the problems being reported by other financial institutions in the state, we are being intentionally cautious, and believe it prudent to maintain adequate loan loss reserves and strong capital. It is also our intention to maintain maximum flexibility within our capital accounts during these difficult times, and as a result, have determined not to issue a stock dividend at year end 2007. The new shares issued in a stock dividend require a large transfer within the capital accounts from retained earnings to common stock and increase both direct and indirect expenses which are difficult to justify in this operating environment.

“Additionally we took another step toward eliminating non-productive ventures in real estate with the sale of our interest in C.A. Hanes Realty during the quarter. Our goal is to emerge from these times with a growing and loyal customer base, efficient and effective operations, highly competitive products and services, and a multi-bank structure that helps us differentiate our service to the benefit of our customers and retain and motivate our highly competent team of bankers.”

Comparisons of the income statement to prior periods are affected by the acquisition of ICNB Financial. The major data processing conversion was completed in September. As a result third quarter expenses include costs associated with conversion of processes and systems, while the savings to be achieved through the consolidation of backroom functions and staff reductions will not be fully realized until future quarters. Firstbank Corporation’s non-interest income increased 24.4% in the third quarter of 2007 compared to the second quarter of 2007. Gain on sale of mortgage loans increased 14.1% in the third quarter compared to the second quarter and was 23.7% above the year-ago level. In the third quarter of 2007, total non-interest expense increased 24.2% from the second quarter. Firstbank continues to balance expense control efforts with investments in technology, training, and branch expansion. Firstbank – West Michigan opened a new branch office in Hastings, Michigan, in late June, and Keystone Community Bank opened a new office in Paw Paw, Michigan, in September of 2007.

During the third quarter of 2007, Firstbank negotiated and completed the sale of its 55% interest in the real estate brokerage company, C.A. Hanes. An after tax loss on the sale of $104,000, was recorded in the third quarter of 2007, and the pre-tax loss amount of $158,000 was included in non-interest expense.

Provision expense in the third quarter of $223,000 decreased from $739,000 in the second quarter. Provision expense in the second quarter had been increased as a result of establishing the specific reserve mentioned above. No significant specific reserves had to be established in the third quarter. At September 30, 2007, the ratio of the allowance for loan losses to loans was 1.06%, up from 1.03% at June 30, 2007.

Net charge-offs were $249,000 in the third quarter of 2007, or 0.09% of average loans on an annualized basis. For the year-to-date, net charge-offs of $732,000 annualized to 0.10% of average loans and were 50% below the year-ago level. The ratio of non-performing loans (including loans past due over 90 days) to loans rose three basis points to 1.00% at September 30, 2007, compared to 0.97% as of June 30, 2007. The ratio of nonperforming loans and other real estate owned to loans and other real estate owned increased from 1.17% at June 30, 2007, to 1.30% at September 30. This increase was almost entirely due the inclusion of the newly acquired bank in the consolidated results. Firstbank Corporation was well aware of the other real estate owned position of ICNB and took appropriate steps to insure proper valuations of properties as they came onto the consolidated balance sheet. Management has been successful in decreasing the other real estate owned position since the date of acquisition.

Shareholders’ equity increased 19.1% in the third quarter of 2007, and was 22.7% above the level at September 30, 2006. The ratio of average equity to average assets stood at 8.7% in the third quarter of 2007 – a level consistent over past years and indicating that strong equity capital has been maintained as the company has grown. Firstbank repurchased 103,100 shares in the third quarter of 2007.

Firstbank Corporation, headquartered in Alma, Michigan, is a seven bank financial services company with assets of $1.4 billion and 52 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

	Sep 30 2007			Jun 30 2007			Dec 31 2006			Sep 30 2006
ASSETS
Cash and cash equivalents:
Cash and due from banks	$	33,713		$	31,305		$	32,084		$	29,194
Short term investments		20,695			16,192			24,853			6,703
Total cash and cash equivalents		54,408			47,497			56,937			35,897
Securities available for sale		97,832			73,407			69,125			71,900
Federal Home Loan Bank stock		7,684			6,061			5,924			6,137
Loans:
Loans held for sale		311			628			1,120			1,236
Portfolio loans:
Commercial		222,249			198,637			194,810			205,424
Commercial real estate		329,638			267,474			286,249			295,172
Residential mortgage		391,845			299,456			284,137			279,883
Real estate construction		93,278			89,173			81,218			67,743
Consumer		79,506			64,840			63,106			64,142
Total portfolio loans		1,116,516			919,580			909,520			912,364
Less allowance for loan losses		(11,821	)		(9,501	)		(9,966	)		(10,689	)
Net portfolio loans		1,104,695			910,079			899,554			901,675
Premises and equipment, net		27,412			20,179			20,232			19,916
Goodwill		35,193			19,819			20,094			20,094
Other intangibles		5,988			2,723			3,045			3,206
Other assets		28,471			19,055			19,061			20,600
TOTAL ASSETS	$	1,361,994		$	1,099,448		$	1,095,092		$	1,080,661
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Deposits:
Noninterest bearing accounts	$	148,682		$	128,651		$	131,942		$	121,320
Interest bearing accounts:
Demand		217,678			155,085			161,228			168,597
Savings		153,214			137,263			127,301			129,578
Time		447,690			363,673			350,710			332,849
Wholesale CD's		37,223			41,074			64,245			67,554
Total deposits		1,004,487			825,746			835,426			819,898
Securities sold under agreements to
repurchase and overnight borrowings		53,155			42,897			35,179			36,350
FHLB Advances and notes payable		130,982			97,370			94,177			93,703
Subordinated Debt		36,084			20,620			20,620			20,620
Accrued interest and other liabilities		19,449			13,894			13,617			14,075
Total liabilities		1,244,157			1,000,527			999,019			984,646
SHAREHOLDERS' EQUITY
Preferred stock; no par value, 300,000
shares authorized, none issued
Common stock; 20,000,000 shares authorized		110,862			93,119			91,652			86,108
Retained earnings		6,764			6,026			4,552			10,047
Accumulated other comprehensive income/(loss)		211			(224	)		(131	)		(140	)
Total shareholders' equity		117,837			98,921			96,073			96,015
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	1,361,994		$	1,099,448		$	1,095,092		$	1,080,661
Common stock shares issued and outstanding		7,374,060			6,555,767			6,484,202			6,529,662
Principal Balance of Loans Serviced for Others ($mil)	$	516.0		$	471.2		$	472.0		$	472.3
Asset Quality Ratios:
Non-Performing Loans / Loans^		1.00	%		0.97	%		0.47	%		0.43	%
Non-Perf. Loans + OREO / Loans^ + OREO		1.30	%		1.17	%		0.65	%		0.85	%
Non-Performing Assets / Total Assets		1.07	%		0.98	%		0.54	%		0.72	%
Allowance for Loan Loss as a % of Loans^		1.06	%		1.03	%		1.10	%		1.17	%
Allowance / Non-Performing Loans		106	%		106	%		234	%		271	%
Quarterly Average Balances:
Total Portfolio Loans^	$	1,102,696		$	916,775		$	915,191		$	914,979
Total Earning Assets		1,227,061			1,012,900			999,225			995,226
Total Shareholders' Equity		117,158			98,398			95,761			95,844
Total Assets		1,352,024			1,097,337			1,083,518			1,082,031
Diluted Shares Outstanding		7,391,851			6,545,229			6,543,831			6,593,801

^ Total Loans less loans held for sale

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

	Three Months Ended:									Nine Months Ended:
	Sep 30 2007			Jun 30 2007			Sep 30 2006			Sep 30 2007			Sep 30 2006
Interest income:
Interest and fees on loans	$	20,817		$	17,042		$	17,366		$	54,657		$	49,897
Investment securities
Taxable		921			686			552			2,233			1,605
Exempt from federal income tax		363			267			245			900			734
Short term investments		334			269			110			914			297
Total interest income		22,435			18,264			18,273			58,704			52,533
Interest expense:
Deposits		7,892			6,589			6,066			20,988			16,473
Notes payable and other borrowing		2,808			2,001			2,000			6,786			5,786
Total interest expense		10,700			8,590			8,066			27,774			22,259
Net interest income		11,735			9,674			10,207			30,930			30,274
Provision for loan losses		223			739			213			241			598
Net interest income after provision for loan losses		11,512			8,935			9,994			30,689			29,676
Noninterest income:
Gain on sale of mortgage loans		428			375			346			1,127			956
Service charges on deposit accounts		1,290			994			955			3,228			2,893
Gain (loss) on sale of securities		0			0			0			(130	)		7
Mortgage servicing		141			130			128			416			332
Other		1,119			895			1,055			2,963			3,577
Total noninterest income		2,978			2,394			2,484			7,604			7,765
Noninterest expense:
Salaries and employee benefits		5,744			4,827			4,589			15,301			13,774
Occupancy and equipment		1,597			1,326			1,290			4,274			3,793
Amortization of intangibles		332			436			168			929			504
FDIC insurance premium		61			25			24			110			77
Other		3,408			2,354			2,496			8,191			7,655
Total noninterest expense		11,142			8,968			8,567			28,805			25,803
Income before federal income taxes		3,348			2,361			3,911			9,488			11,638
Federal income taxes		933			614			1,194			2,668			3,598
Net Income	$	2,415		$	1,747		$	2,717		$	6,820		$	8,040
Fully Tax Equivalent Net Interest Income	$	11,969		$	9,855		$	10,354		$	31,522			30,728
Per Share Data:
Basic Earnings	$	0.33		$	0.27		$	0.41		$	1.00		$	1.22
Diluted Earnings	$	0.33		$	0.27		$	0.41		$	1.00		$	1.22
Dividends Paid	$	0.225		$	0.225		$	0.214		$	0.675		$	0.638
Performance Ratios:
Return on Average Assets*		0.71	%		0.65	%		0.99	%		0.78	%		1.02	%
Return on Average Equity*		8.2	%		7.2	%		11.2	%		8.9	%		11.4	%
Net Interest Margin (FTE) *		3.89	%		3.91	%		4.15	%		3.90	%		4.18	%
Book Value Per Share+	$	15.98		$	15.24		$	14.70		$	15.98		$	14.70
Average Equity/Average Assets		8.7	%		9.0	%		8.9	%		8.8	%		8.9	%
Net Charge-offs	$	249		$	319		$	1,144		$	732		$	1,467
Net Charge-offs as a % of Average Loans^*		0.09	%		0.14	%		0.50	%		0.10	%		0.22	%

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