First Southern Bancshares, Inc. holding company for First Federal Savings and Loan Association of Florence, completes initial stock offering.FLORENCE, Ala ALA aminolevulinic acid. Ala alanine. ala (a´lah) pl. a´lae [L.] a winglike process. .--(BUSINESS WIRE)--April 6, 1995--Mr. Charles L. Frederick, Jr., President of First Federal Savings and Loan Association Federal Savings and Loan Association An institution chartered by the federal government whose primary function is to collect savings deposits and to provide mortgage loans. of Florence ("First Federal"), based in Florence, Alabama Florence city is the seat of Lauderdale County, which is situated in the northwest corner of the U.S. state of Alabama. According to the 2005 Census Bureau estimates, the city's population was 36,721. , announced today that First Southern Bancshares, Inc., the holding company for First Federal Savings and Loan Association of Florence, has completed its initial common stock offering. It is anticipated that the common stock of First Southern Bancshares, Inc. will begin trading on the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on National Market System under the symbol "FSTH" on or about Tuesday, April 11, 1995. In addition, shortly following the stock conversion, the institution will convert to an Alabama-chartered commercial bank now known as "First Southern Bank (the "Bank")." First Southern Bancshares, Inc., will issue 2,049,875 shares of its common stock. The net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). contributed to First Federal upon conversion will substantially increase its capital. First Federal ultimately intends to use such funds for general corporate purposes, among them the origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real of loans and other investments. It is expected that in the interim all or part of the net proceeds will be invested in short-term securities. On March 22, 1995, First Federal's Plan of Conversion was approved by First Federal's depositor and borrower members at a Special Meeting that was held at the main office of the institution. Mr. Frederick indicated that the Officers and Board of Directors of First Federal want to express their thanks for the response by customers and the community to the stock offering and that the Bank looks forward to serving the needs of its customers as a stock institution. Trident Securities, Inc. of Raleigh, N.C. managed the subscription and community offerings for First Southern Bancshares, Inc. CONTACT: First Southern Bancshares, Inc., Florence Charles L. Frederick, 205/764-7131 |
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