FedFirst Financial Corporation To Commence Second-Step Conversion And Stock Offering
FedFirst Financial Corporation (the “Company”) (Nasdaq:FFCO), holding
company for First Federal Savings Bank (the “Bank”), announced today
that the Company has received conditional approval from the...
FedFirst Financial Corporation (the “Company”) (Nasdaq:FFCO), holding company for First Federal Savings Bank (the “Bank”), announced today that the Company has received conditional approval from the Office of Thrift Supervision to reorganize from the two-tier mutual holding company structure to the stock holding company structure and commence a “second-step” stock offering of new shares of common stock. The Company also announced that the registration statement relating to the sale of common stock by the new holding company for First Federal Savings Bank – a newly formed corporation also named FedFirst Financial Corporation – has been declared effective by the Securities and Exchange Commission. New FedFirst Financial is offering for sale between 1,912,500 and 2,587,500 shares of common stock (subject to increase to 2,975,625 shares) at a purchase price of $10.00 per share. The shares of common stock to be offered by new FedFirst Financial represent the approximately 57.5% of the Company’s common stock that is currently owned by FedFirst Financial Mutual Holding Company. The shares will be offered in a subscription offering first to depositors of First Federal Savings Bank with a qualifying deposit as of January 31, 2009, second to depositors of the Bank with a qualifying deposit as of March 31, 2010 and finally to depositors of the Bank as of May 4, 2010 and borrowers of the Bank as of December 1, 1990 whose loans continue to be outstanding as of May 4, 2010. Concurrently with the subscription offering, new FedFirst Financial is offering any shares of common stock that are not subscribed for in the subscription offering to members of the general public in a community offering, with preference given first to persons residing in Fayette, Washington and Westmoreland counties, Pennsylvania, and then to public shareholders of the Company as of May 4, 2010. FedFirst Financial will establish a Stock Information Center, which will open on May 25, 2010. Offering materials are available by contacting the Stock Information Center at (877) 892-9472. Hours of operation will be from 10:00 a.m. to 4:00 p.m., Monday through Friday. The Stock Information Center will be closed on weekends and bank holidays. The subscription and community offerings are currently scheduled to expire at 2:00 p.m. on Thursday, June 24, 2010.