UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 31, 2008
FIRST FEDERAL OF NORTHERN MICHIGAN BANCORP, INC.
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(Exact name of Registrant as specified in its charter)
Maryland 0-31957 38-0135202
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
100 S. Second Ave., Alpena, Michigan 49707
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(Address of principal executive offices)
(989) 356-9041
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Registrant's telephone number, including area code
Not Applicable
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(Former Name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
|_| Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 8.01. Other Events.
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On November 14, 2008, First Federal of Northern Michigan Bancorp, Inc. (the
"Company"), the holding company for First Federal of Northern Michigan (the
"Bank"), applied to participate in the United States Department of the
Treasury's TARP Capital Purchase Program. On December 31, 2008, the Company
withdrew its application in consultation with the Bank's primary federal
regulator in light of, among other things, the Bank's existing capital ratios,
all of which substantially exceed regulatory capital requirements. At September
30, 2008, the Bank's core capital ratio was 10.79% and its risk-based capital
ratio was 16.86%, well in excess of the regulatory requirements to be adequately
capitalized of 4% and 8%, respectively.
In reaching its decision to withdraw its application, the Company also
considered the decline in the Company's stock price since the application date,
which would cause substantially greater dilution to stockholders due to the
warrants to be issued under the program.
Item 9.01 Financial Statements and Exhibits
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(a) Financial Statements of businesses acquired. Not Applicable.
(b) Pro forma financial information. Not Applicable.
(c) Shell Company Transactions. Not Applicable
(d) Exhibits. None.
SIGNATURES
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 OF NORTHERN MICHIGAN
BANCORP, INC.
Date: January 7, 2009 By: /s/ Amy E. Essex
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Amy E. Essex
Chief Financial Officer
(Duly Authorized Representative)