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): March 4, 2008
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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
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.
First Federal of Northern Michigan Bancorp, Inc. (Nasdaq: FFNM) (the
"Company") announced that its wholly owned subsidiary, the InsuranCenter of
Alpena ("ICA"), intends to sell to the Grotenhuis Group (a managing agent for
Blue Cross Blue Shield of Michigan) the rights to service insurance contracts
and collect commissions on such contracts written through local Chambers of
Commerce located in an 11-county area in northeast Michigan. The purchase is
expected to close on April 1, 2008. As part of the transaction, certain
employees of ICA will transfer to the Grotenhuis Group to service the contracts.
The Company expects to record a nominal gain in connection with the sale.
Item 9.01. Financial Statements and Exhibits.
(a) Financial Statements of Businesses Acquired: None
(b) Pro Forma Financial Information: None
(c) Shell company transactions: None
(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: March 4, 2008 By: /s/ Michael Mahler
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Michael Mahler
President and Chief Operating Officer
(Duly Authorized Representative)