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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):
April 20, 1999
FIRST FEDERAL BANCORPORATION
(Exact name of registrant as specified in its charter)
Minnesota 0-25704 41-1796238
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation or File Number) Identification No.)
Organization)
214 5th Street, Bemidji, Minnesota 56601
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code:
(218) 751-5120
Not applicable
(Former name or former address, if changed since last report)
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Item 5. Other Events
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On, April 20, 1999, the registrant's Board of Directors approved
a 3-for-2 common stock split in the form of a 50% stock
dividend. The common stock split will be distributed May 20,
1999, to stockholders of record as of May 5, 1999. The common
stock split increases the outstanding common stock of the
registrant by 50 percent to approximately 1.5 million shares.
Stockholders of record will receive three shares of common stock
for each two shares held. For information regarding the 3-for-2
stock split, reference is made to the registrant's press release
dated April 21, 1999, which is attached hereto as Exhibit 99.1
and incorporated herein by reference.
Item 7. Financial Statements and Exhibits
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Exhibit 99.1 - Press Release dated April 21, 1999.
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First Federal Bancorporation
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
(Registrant)
Date: April 21, 1999 By: /s/ William R. Belford
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William R. Belford
President and Chief
Executive Officer
Contact: William R. Belford, President FOR IMMEDIATE RELEASE
(218) 751-5120 April 21, 1999
FIRST FEDERAL BANCORPORATION
DECLARES THREE FOR TWO STOCK SPLIT
IN THE FORM OF 50% STOCK DIVIDEND
The Board of Directors of First Federal Bancorporation on
April 20, 1999 declared a three for two stock split in the form
of a 50% stock dividend on the Company's outstanding Common
Stock. The stock dividend is payable on May 20, 1999 to
stockholders of record as of May 5, 1999.
Stockholders will receive three shares of Common Stock for
each two shares they hold on the record date. Stockholders
entitled to receive fractional shares will receive cash based on
the stock's market price on May 5, 1999.
William R. Belford, President of the Company, stated that
the Board of Directors determined that the payment of the stock
dividend was appropriate in light of the Company's capital
position, market price of the Common Stock and recent operating
results. He noted that any further dividends will depend upon
the Company's financial condition, earnings, equity structure,
capital needs, regulatory requirements and economic conditions.
First Federal Bancorporation is the holding company for
First Federal Bank. The Bank serves Central and Northern
Minnesota from its main office in Bemidji, Minnesota and branch
offices in Bemidji, Bagley, Baudette and Walker, Minnesota, and
through a network of ATMs. Total assets of First Federal
Bancorporation at December 31, 1998 were $129.5 million and
stockholders' equity was $13.2 million. First Federal
Bancorporation shares are listed on the NASDAQ Small Cap Market
under the symbol "BDJI".
