Albuquerque Journal (Albuquerque, NM)

1st State Expands Incentives.(Final)

Byline: Aaron Baca Journal Staff Writer

Shareholders OK 750,000 Shares First State Bancorporation, in an annual shareholders meeting that lasted just 14 minutes on Friday, approved an expanded stock incentive plan.

The plan will make available 750,000 shares of the company's stock for employees, directors and some company consultants at the bank company.

The new stock incentive plan replaces a 10-year-old plan with a format the company says will be more flexible.

In the past, First State's incentive plan granted stock to top executives down to mid-level managers. The new plan is meant to go beyond that, eventually extending incentives to rank-and-file employees, said Chris Spencer, First State's chief financial officer. …

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