First Federal OF Northern Michig (NASDAQ:FFNM)
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From May 2019 to May 2024
First Federal of Northern Michigan Bancorp, Inc. Completes Stock
Offering and Second-Step Conversion of Alpena Bancshares, M.H.C.
ALPENA, Mich., April 1 /PRNewswire-FirstCall/ -- First Federal of Northern
Michigan Bancorp, Inc. (NASDAQ:FFNM) (the "Company") announced today that it
completed its stock offering in connection with the second-step conversion of
Alpena Bancshares, M.H.C. The Company, the successor to Alpena Bancshares,
Inc., is the stock holding company of First Federal of Northern Michigan, a
federal savings association.
In the stock offering, shares representing Alpena Bancshares, M.H.C.'s
ownership interest in Alpena Bancshares, Inc. were sold to investors. A total
of 1,699,869 shares of common stock were sold at $10.00 per share. In
addition, each outstanding share of common stock of Alpena Bancshares, Inc. as
of the close of trading on April 1, 2005 was converted into the right to
receive 1.8477 shares of the Company's common stock. Holders of stock
certificates of Alpena Bancshares, Inc. will receive documentation to effect
the share exchange; stockholders whose shares are held in street name will have
the exchange effected automatically. Cash will be issued in lieu of fractional
shares at a rate of $10.00 per share. The Company also issued 33,997 shares of
common stock and contributed $339,997 in cash to First Federal Community
Foundation, a new charitable foundation established in the conversion.
As a result of the transaction, the Company will have 3,100,191 shares of
common stock issued and outstanding, subject to adjustment for cash payments in
lieu of fractional shares.
Shares of the Company's common stock will trade on the Nasdaq National Market
under the symbol "FFNM" beginning Monday, April 4, 2005.
The subscription offering was managed by Ryan Beck and Co., Inc. Luse Gorman
Pomerenk & Schick P.C. acted as special legal counsel to First Federal of
Northern Michigan Bancorp, Inc. and First Federal of Northern Michigan.
DATASOURCE: Alpena Bancshares, Inc.
CONTACT: Martin A. Thomson, President and Chief Executive Officer of
Alpena Bancshares, Inc., +1-989-356-9041
Web site: http://www.first-federal.com/