FIRST FEDERAL BANK TO BUILD BRANCH IN SCHAUMBURG, ILL.
DES PLAINES, Ill., Dec. 9 /PRNewswire/ -- First Federal Bank For Savings, 749 Lee St., Des Plaines, a subsidiary of FirstFed Bancshares, Inc. (NASDAQ: FFDP), announced today that it will build its first branch in Schaumburg, Ill., subject to approval by the Office of Thrift Supervision (OTS) and local governmental requirements. First Federal Bank has entered into an agreement to purchase the 1.6-acre site located at the southwest corner of Barrington and Schaumburg Roads. The full-service facility is scheduled to serve the banking needs of the community before yearend 1994. Donald J. Cameron, president and chief executive officer of First Federal Bank, stated, "We believe that Schaumburg provides an opportunity for First Federal to provide additional financial services to the residents of the community. The opening of this branch location is a integral part of our long term plan for the utilization of our capital." In other related news, FirstFed Bancshares, Inc., a single bank holding company that owns First Federal Bank for Savings, announced the completion of its third repurchase of holding company shares. As authorized by regulatory authority, the repurchase was made in the open market and was for 5% of the shares outstanding, or 146,000 shares, at an average price of $21.82 per share. First Federal Bank was established in 1934 and has assets as of Sept. 30, 1993 of $381 million and has been consistently ranked by independent sources as one of the strongest financial institutions in America. -0- 12/9/93 /CONTACT: Larry G. Gillie, executive vice president of FirstFed (FFDP)
CO: First Federal Bank For Savings; FirstFed Bancshares, Inc. ST: Illinois IN: FIN SU:
PS -- NY038 -- 2182 12/09/93 11:46 EST
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|Date:||Dec 9, 1993|
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