Printer Friendly

FIRSTFED MICHIGAN DEBT ISSUE CONVERTS TO COMMON STOCK

 DETROIT, March 1 /PRNewswire/ -- FirstFed Michigan Corporation (NASDAQ-NMS: FFOM), the holding company of First Federal of Michigan, today reported that the holders of its 9 percent convertible subordinated debentures have converted the entire issue into common stock at $19.83 per share. This has added $23.4 million to consolidated stockholders' equity and 1.2 million shares to FirstFed's outstanding common stock. As of March 1, 1993, FirstFed has 12,391,539 shares of common stock outstanding.
 The corporation's First Federal of Michigan subsidiary is a Detroit- based savings and loan association with 71 offices in the Lower Peninsula of Michigan. First Federal's Bay Savings Bank, FSB subsidiary, based in Newport News, Va., operates eight offices in Virginia, and its Omni Savings Bank, FSB subsidiary has three offices in Columbia, S.C.
 -0- 3/1/93
 /CONTACT: Ellen Batkie, manager, Investor Relations, FirstFed Michigan Corporation, 313-965-1400/
 (FFOM)


CO: FirstFed Michigan Corporation ST: Michigan IN: FIN SU:

SM -- DE037 -- 1571 03/01/93 16:11 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 1, 1993
Words:165
Previous Article:HEALTH ALLIANCE PLAN ASSUMES FULL OWNERSHIP OF MEDICAL VALUE PLAN
Next Article:BRAZILIAN FINANCIAL SERVICES COMPANY SETS UP MIAMI OFFICE
Topics:


Related Articles
FIRST OF AMERICA CALLS FOR REDEMPTION OF SERIES E, G, AND H CONVERTIBLE PREFERRED STOCK
FIRSTFED BANCSHARES, INC. ANNOUNCES STOCK REPURCHASE PROGRAM
FIRSTFED MICHIGAN TO PAY 17-CENT DIVIDEND IN JUNE
FIRSTFED MICHIGAN TO INCREASE CASH DIVIDEND AND SPLIT STOCK 3 FOR 2
FIRSTFED MICHIGAN TO PAY 12-CENT DIVIDEND IN DECEMBER
FIRSTFED MICHIGAN RAISES ITS DIVIDEND 8 PERCENT TO 13 CENTS
FIRSTFED BANCSHARES, INC. DECLARES SPECIAL CASH DIVIDEND
FirstFed Bancshares, Inc. Completes 8th Stock Repurchase and Announces 9th Stock Repurchase Program
FIRSTFED AMERICA BANCORP Lists on AMEX
FirstFed Bancshares, Inc. Completes 9th Stock Repurchase and Announces 10th Stock Repurchase Program

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters