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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): January 21,
1997
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 Fifth 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)<PAGE>
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Item 4. Changes in Registrant's Certifying Accountant.
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On January 21, 1997, First Federal Bancorporation (the
"Registrant"), with the approval of the Board of Directors,
determined to dismiss the Registrant's independent public
auditors, KPMG Peat Marwick LLP, and to engage McGladrey & Pullen
LLP. The Board of Directors' decision to engage McGladrey &
Pullen is based on the resources of that firm's community-based
financial institution practice in Minnesota. KPMG Peat Marwick
LLP's reports on the financial statements of the Registrant for
the past two fiscal years did not contain any adverse opinion or
disclaimer of opinion, nor were they qualified or modified as to
uncertainty, audit scope or accounting principles, except that
the report refers to the changes in First Federal
Bancorporation's method of accounting for securities and its
method of accounting for income taxes during the year ended
September 30, 1994. During the two most recent fiscal years and
the interim period subsequent to October 25, 1996, through
January 21, 1997 (date of dismissal), there have not been any
disagreements between the Registrant and KPMG Peat Marwick LLP on
any matter of accounting principles or practices, consolidated
financial statement disclosure or audit scope or procedure.
McGladrey & Pullen has been engaged as the Registrant's
independent public auditors effective immediately. The
Registrant has not requested or obtained any advice from
McGladrey & Pullen concerning any material accounting, auditing
or financial reporting issue regarding the application of
accounting principles to a specified transaction or the type of
audit opinions that might be rendered on the Registrant's
consolidated financial statements. A copy of a letter from KPMG
Peat Marwick LLP in response to this item is attached hereto as
Exhibit 16.
Item 7. Financial Statements, Pro Forma Financial Information
and
Exhibits.
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Exhibit 16 Letter From KPMG Peat Marwick LLP, the
Registrant's Former Accountant
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SIGNATURES
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 and Chief Executive
Officer
Date: January 27, 1997
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January 27, 1997
Securities and Exchange Commission
Washington, D.C. 20549
Ladies and Gentlemen:
We were previously principal accountants for First Federal
Bancorporation and, under the date of October 25, 1996, we
reported on the consolidated financial statements of First
Federal Bancorporation and subsidiaries as of September 30, 1996
and 1995 and for each of the years in the three-year period ended
September 30, 1996. Our report refers to the changes in First
Federal Bancorporation's method of accounting for securities and
its method of accounting for income taxes during the year ended
September 30, 1994. On January 21, 1997, our appointment as
principal accountants was terminated. We have read First Federal
Bancorporation's statements included under Item 4 of its Form 8-K
dated January 21, 1997, and we agree with such statements, except
that we are not in the position to agree or disagree with First
Federal Bancorporation's stated reason for changing principal
accountants, we are not in a position to agree or disagree with
First Federal Bancorporation's statement that McGladrey & Pullen
LLP was not engaged regarding the application of accounting
principles to a specified transaction or the type of audit
opinion that might be rendered on First Federal Bancorporation's
consolidated financial statements, and we are not in a position
to agree or disagree with First Federal Bancorporation's
statement that the change was approved by the board of directors.
Very truly yours
/s/ KPMG Peat Marwick LLP
