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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 21, 1996
FIRST FEDERAL BANCORPORATION
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(Exact name of registrant as specified in its charter)
Minnesota 0-25704 41-1796238
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
214 5th Street, Bemidji, Minnesota 56601
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (218) 751-5120
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Not Applicable
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS.
On May 21, 1996, the registrant announced that it is commencing a stock
repurchase program to acquire up to 5% of the Company's outstanding common
stock, or approximately 40,969 shares, over a twelve month period. The
Company's press release is attached hereto as Exhibit 99.1 and incorporated by
reference herein.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
Exhibit 99.1 Press Release dated May 21, 1996
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
FIRST FEDERAL BANCORPORATION
By: /s/ William R. Belford
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William R. Belford
President
Date: May 22, 1996
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PRESS RELEASE
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FIRST FEDERAL BANCORPORATION
ANNOUNCES STOCK REPURCHASE PROGRAM
Bemidji, Minnesota, May 21, 1996......First Federal Bancorporation
announced today that it is commencing a stock repurchase program to acquire up
to 40,969 shares of the Corporation's common stock, which represents
approximately 5% of the outstanding common stock. The program will be dependent
upon market conditions and there is no guarantee as to the exact number of
shares to be repurchased by the Corporation.
William R. Belford, President of the Corporation, stated that the Board of
Directors has authorized the repurchase program, which is expected to be
completed within 12 months. Mr. Belford explained that the Board of Directors
considers the Corporation's common stock to be an attractive investment. In
addition, the repurchase program is designed to offset the future dilution
incurred in connection with the administration of the Corporation's stock option
plan. It is expected that a reduction in the amount of the Corporation's
outstanding stock would have the effect of increasing the Corporation's per
share earnings and book value.
According to Mr. Belford, the repurchases generally would be effected
through open market purchases, although he did not rule out the possibility of
unsolicited negotiated transactions or other types of repurchases.
