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Michael W. Mahler, President and Chief Executive Officer of the Company stated, "The sale of these operations reflects our determination to increase operating efficiencies and shareholder value, while focusing our attention on our core mission - providing outstanding community banking services to our customers."
The Company expects to record a nominal gain upon the closing of the sale. ICA retains the residual income stream associated with the April 2008 sale of its wholesale Blue Cross/Blue Shield override business to the Grotenhuis Group.
SOURCE First Federal of Northern Michigan Bancorp, Inc.
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