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First Federal of Northern Michigan Bancorp Inc and Alpena Banking Corp announce execution of merger agreement


Thursday, 23 Jan 2014 05:35pm EST 

First Federal of Northern Michigan Bancorp Inc and Alpena Banking Corp:Says the execution of an agreement and plan of merger that provides for the integration of the two companies and their subsidiary community banking institutions.Says in connection with the all-stock transaction, which is based upon the pro rata tangible equity contribution of each company as of Sept. 30, 2013, each share of common stock of Alpena Banking Corp. will be converted into the right to receive 1.549 shares of First Federal Bancorp common stock.Says based upon First Federal Bancorp's closing price of $5.15 on Jan. 23, the transaction is valued at $7.98 per share of Alpena Banking Corp. stock, or about $4.26 mln in the aggregate.Says Bank of Alpena's office will become a branch office of First Federal Bank.Says the merger agreement has been unanimously approved by the boards of directors of each company.Says it is anticipated the transaction will close late in the second quarter of 2014 or in the third quarter of 2014. 

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