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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):
October 26, 1999
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 October 26, 1999 the registrant announced that it is
commencing a stock repurchase program to acquire up to 10% of
the Company's outstanding shares of common stock, or
approximately 142,326 shares, over a twelve month period. For
more information, 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 October 26,
1999.
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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: October 26, 1999
PRESS RELEASE
FIRST FEDERAL BANCORPORATION
ANNOUNCES ADOPTION OF STOCK REPURCHASE PROGRAM
Bemidji, Minnesota ... October 26, 1999; First Federal
Bancorporation (NASDAQ: BDJI) announced today that it is
commencing a stock repurchase program to acquire up to 142,326
shares of the Corporation's common stock, which represents
approximately 10% of the currently outstanding shares of 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. The Company recently concluded
a stock repurchase program which it adopted in September 1998,
wherein it repurchased 74,080 shares of Company Common Stock.
William R. Belford, President of the Corporation, stated
that the Board of Directors has authorized the new stock
repurchase program, which is expected to be completed within the
next twelve months because the Board of Directors considers the
Corporation's common stock to be undervalued and 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, Bemidji, Minnesota. The bank operates five
banking offices in Northern Minnesota.
