FedFirst Financial Corporation (Nasdaq: FFCO), holding company for First Federal Savings Bank, announced today that it intends to seek an extension of time to complete the stock offering being conducted in connection with its reorganization from the two-tier mutual holding company structure to the stock holding company structure. The Company intends to obtain an updated independent appraisal and to complete the offering thereafter. In accordance with Office of Thrift Supervision regulations, the amount of stock to be sold in the offering is based on an independent appraisal of the Company.
The offering is being conducted by the new holding company for First Federal Savings Bank – a newly formed state chartered corporation also named FedFirst Financial Corporation – in connection with the second-step conversion of First Federal Savings Bank.
In accordance with regulatory requirements, all persons who submitted orders in the subscription and community offerings will have their subscriptions cancelled and funds returned with interest or deposit holds released. After obtaining an updated appraisal, FedFirst Financial Corporation intends to conduct a resolicitation of orders from the persons who previously subscribed to purchase shares in the offering. The precise timing and manner of the resolicitation have not yet been determined. Upon finalization of the revised appraisal and related regulatory reviews, resolicitation offering materials will be mailed to subscribers.
Completion of the second-step conversion and offering remain subject to final approvals by the Office of Thrift Supervision, and are expected to occur in the third quarter of 2010. More specific information on the resolicitation process and the timing of the completion of the offering will be made public when available.
FedFirst Financial Corporation is the parent company of First Federal Savings Bank, a community-oriented financial institution operating nine full-service branch locations in southwestern Pennsylvania. First Federal Savings Bank offers a broad array of retail and commercial lending and deposit services and provides commercial and personal insurance services through Exchange Underwriters, Inc., its 80% owned subsidiary.