8-K

 

                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

                                   Form 8-K

                      Pursuant to Section 13 or 15(d) of
                      the Securities Exchange Act of 1934



        Date of Report (Date of earliest event reported):  May 21, 1996


                         FIRST FEDERAL BANCORPORATION
          ----------------------------------------------------------
            (Exact name of registrant as specified in its charter)


          Minnesota                      0-25704                  41-1796238
- - ----------------------------           ------------          -------------------
(State or other jurisdiction           (Commission            (I.R.S. Employer
      of incorporation)                File Number)          Identification No.)


214 5th Street, Bemidji, Minnesota                                      56601
- - -------------------------------------------                           ----------
(Address of principal executive offices)                              (Zip Code)


      Registrant's telephone number, including area code:  (218) 751-5120
                                                           --------------


                                Not Applicable
         -------------------------------------------------------------
         (Former name or former address, if changed since last report)

 
ITEM 5.   OTHER EVENTS.

     On May 21, 1996, the registrant announced that it is commencing a stock 
repurchase program to acquire up to 5% of the Company's outstanding common 
stock, or approximately 40,969 shares, over a twelve month period. The 
Company's press release is attached hereto as Exhibit 99.1 and incorporated by 
reference herein.

ITEM 7.   FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.

          Exhibit 99.1 Press Release dated May 21, 1996

 
                                   SIGNATURE


     Pursuant to the requirements of the Securities Exchange Act of 1934, the 
Registrant has duly caused this report to be signed on its behalf by the 
undersigned hereunto duly authorized.

                                                    FIRST FEDERAL BANCORPORATION


                                                    By: /s/ William R. Belford
                                                       -------------------------
                                                        William R. Belford
                                                        President



Date:  May 22, 1996

EX-99

 
                                 PRESS RELEASE
                                 -------------


                         FIRST FEDERAL BANCORPORATION
                      ANNOUNCES STOCK REPURCHASE PROGRAM


     Bemidji, Minnesota, May 21, 1996......First Federal Bancorporation 
announced today that it is commencing a stock repurchase program to acquire up 
to 40,969 shares of the Corporation's common stock, which represents 
approximately 5% of the outstanding common stock. The program will be dependent 
upon market conditions and there is no guarantee as to the exact number of 
shares to be repurchased by the Corporation.

     William R. Belford, President of the Corporation, stated that the Board of 
Directors has authorized the repurchase program, which is expected to be 
completed within 12 months. Mr. Belford explained that the Board of Directors 
considers the Corporation's common stock to be an attractive investment. In 
addition, the repurchase program is designed to offset the future dilution 
incurred in connection with the administration of the Corporation's stock option
plan. It is expected that a reduction in the amount of the Corporation's 
outstanding stock would have the effect of increasing the Corporation's per 
share earnings and book value.

     According to Mr. Belford, the repurchases generally would be effected 
through open market purchases, although he did not rule out the possibility of 
unsolicited negotiated transactions or other types of repurchases.