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FIRST FEDERAL SAVINGS BANK OF COLORADO COMPLETES REORGANIZATION

 FIRST FEDERAL SAVINGS BANK OF COLORADO COMPLETES REORGANIZATION
 LAKEWOOD, Colo., July 16 /PRNewswire/ -- On July 14, 1992, First Federal Savings Bank of Colorado (NASDAQ/NMS: FFBA) completed its reorganization and offering of common stock pursuant to its plan of reorganization, whereby a mutual holding company was formed by First Federal and 1,388,600 shares of common stock of First Federal were sold to investors at $10 per share. The 1,388,600 shares sold in the offering represent a 33 percent minority interest in First Federal. The remaining 2,791,400 outstanding shares of stock are owned by the holding company, First Savings Capital, M.H.C., which has a 67 percent interest in First Federal. The mutual holding company structure is a new corporate form recently authorized by federal authorities. First Federal is the first savings institution located in Colorado to reorganize into a mutual holding company form of organization.
 Malcolm E. Collier, chairman of the board and chief executive officer of First Federal stated, that First Federal realized net proceeds of approximately $13 million in the offering, which will be used to support traditional lending activities.
 First Federal conducts its business through 20 offices located in Colorado. First Federal's deposits are insured up to the applicable limits by the FDIC. At June 30, 1992, First Federal had total assets, deposits and retained earnings of $974 million, $866 million and $67.3 million respectively. After the stock sale, retained earnings increased to $78.6 million. First Federal exceeds all regulatory capital requirements.
 First Federal announced 1992 second quarter earnings of $3,144,000, or 75 cents per share, compared to $1,119,000, or 27 cents per share for the like period in 1991. Net income for the first six months of this year was $6,246,000, or $1.49 an initial cash dividend on the common stock of 65 cents per share. The dividends will be payable quarterly.
 First Federal's common stock is quoted on the over-the-counter market through the NASDAQ National Market System under the symbol "FFBA." Ryan, Beck & Co. Inc. and others make a market in First Federal's common stock.
 -0- 7/16/92
 /CONTACT: Malcolm E. Collier of First Federal, 303-232-2121/
 (FFBA) CO: First Federal Savings Bank of Colorado ST: Colorado IN: FIN SU: OFR ERN


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Publication:PR Newswire
Date:Jul 16, 1992
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