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As a result of the transaction, the company will reduce its full-time employees by 14 positions, or 13% of the company's workforce. The company said it also expects the sale will reduce its non-interest expense by around $1.2 million in fiscal year 2009.
The company said it 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.
Alpena, Michigan-based First Federal of Northern Michigan Bancorp is the unitary savings and loan holding company of First Federal of Northern Michigan, a federal savings bank headquartered in Alpena, Michigan.
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