First Federal of Northern Michigan Bancorp, Inc. Completes Stock Offering and Second-Step Conversion of Alpena Bancshares, M.H.C
01 Abril 2005 - 9:01PM
PR Newswire (US)
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/
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