Please call us at

2 Michigan banks finish a merger

On the Aug. 8, 2014, two banks in Michigan made an announcement to tell the public that they had officially completed merging to bring their services together. The banks involved were First Federal of Northern Michigan Bancorp, Inc. and Alpena Banking Corporation.

This change will have a small impact on the town of Alpena itself, in which the banking branch that previously belonged to First Federal is now being closed down. However, the bank office on Ripley Boulevard, which previously operated for the Bank of Alpena, has now been transformed into a First Federal office. The switch happened on Aug. 11.

The bigger impact will be to shareholders. Anyone who had shares in Alpena Banking Corporation is going to get back shares of First Federal Bancorp at a rate of 1.59 shares for every share owned. If partial shares end up being owned by certain shareholders, they will be given cash in order to make things even.

Statements that were released by the executives spoke of their commitment to the local community. They also talked about offering high-quality services to their customers and working at all times to meet their needs in a financial sense. They were glad that the merger had gone through, and they felt that the rest of the process would be smooth.

For any mergers involving openly traded banks, there are really three groups involved: the two banks and the shareholders. It is important for everyone to know what legal steps have to be taken as the merger moves forward so that all groups are satisfied.

Source: Market Watch, "First Federal of Northern Michigan Bancorp, Inc. Completes Its Merger With Alpena Banking Corporation" Aug. 08, 2014

No Comments

Leave a comment
Comment Information
Email Us For A Response

Need Legal Advice?

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Farmington Hills Office
200 Kaufman Financial Center
30833 Northwestern Hwy.
Farmington Hills, MI 48334

Phone: 248-626-5000

Maps & Directions