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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): August 6, 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
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(Address of principal executive offices)
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 August 6, 1996 the registrant announced that it is commencing a stock
repurchase program to acquire up to 10% of the Company's outstanding common
stock, or approximately 77,840 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 August 6, 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: August 7, 1996
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EXHIBIT 99.1
PRESS RELEASE
FIRST FEDERAL BANCORPORATION
ANNOUNCES STOCK REPURCHASE PROGRAM
Bemidji, Minnesota, August 6, 1996; First Federal Bancorporation
announced today that it is commencing a stock repurchase program to acquire up
to 77,840 shares of the Corporation's common stock, which represents
approximately 10% 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 the next twelve months. mr. Belford explained that the Board of
Directors considers the Corporation's common stock to be an attractive
investment. 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.
