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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
September 3, 1998
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 or File Number) Identification No.)
Organization)
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 September 3, 1998 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 49,914
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 September 3,
1998
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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: September 4, 1998
PRESS RELEASE
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FIRST FEDERAL BANCORPORATION
ANNOUNCES STOCK REPURCHASE PROGRAM
Bemidji, Minnesota ... September 3, 1998; First Federal
Bancorporation announced today that it is commencing a stock
repurchase program to acquire up to 49,914 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 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.
First Federal Bancorporation is the holding company for
First Federal Bank, headquartered in Bemidji, Minnesota. The
bank operates five banking offices in Northern Minnesota.
