| Business Summary | | Alpena
Bancshares,
Inc.
is
a
federally
chartered
holding
company
that
conducts
business
principally
through
its
wholly
owned
subsidiary,
First
Federal
of
Northern
Michigan,
a
federally
chartered
savings
association
(the
Bank).
The
Company
was
formed
in
November
2000
when
the
Bank
reorganized
into
the
holding
company
structure.
The
Company's
assets
consist
primarily
of
shares
of
the
Bank's
common
stock
and
cash
it
receives
from
the
Bank
in
the
form
of
dividends
or
other
capital
distributions.
The
Company
has
substantially
no
independent
operations
separate
from
its
role
as
holding
company
for
the
Bank.
The
Bank
is
a
federally
chartered
savings
association
that
conducts
its
operations
from
eight
full-service
facilities
located
in
Cheboygan,
Alpena,
Iosco,
Montmorency
and
Oscoda
Counties,
Michigan. | More
from
Market Guide: Expanded
Business Description |
| Financial Summary | | ALPN
is
a
federally
chartered
savings
association
that
conducts
its
operations
in
the
northeast
lower
peninsula
of
Michigan.
For
the
three
months
ended
3/31/01,
total
interest
income
rose
4%
to
$4.7
million.
Net
interest
income
after
loan
loss
provision
rose
2%
to
$1.5
million.
Net
income
fell
12%
to
$335
thousand.
Revenues
reflect
increased
volumes
of
earning
assets,
partially
offset
by
interest
on
deposits.
Net
income
suffered
from
the
absence
of
a
gain
on
an
investment
sale. | More
from
Market Guide: Significant
Developments |
| | |
| Position | Duane Dickey, 68 | Chairman | Martin Thompson, 52 | acting
Pres and CEO, Director | James Hubinger | CFO
of the Bank | James Malaski | Exec.
VP of the Company and Exec. VP, COO & Sec | Thomas Davis | VP-Operations
of the Bank |
| More
from
Market Guide on Officers & Directors: Expanded
List, Bios,
Compensation,
Options
|
|