| Business Summary | | Firstfed
America
Bancorp,
Inc.
was
organized
by
the
Board
of
Directors
of
First
Federal
Savings
Bank
of
America
(the
Bank)
for
the
purpose
of
acquiring
all
of
the
capital
stock
of
the
Bank
issued
in
connection
with
the
Bank's
conversion
from
mutual
to
stock
form
of
ownership.
The
Company's
principal
business
has
been,
and
continues
to
be,
attracting
retail
and
business
deposits
in
the
areas
surrounding
its
banking
offices
and
investing
those
deposits
together
with
funds
generated
from
operations
and
borrowings,
primarily
in
residential,
commercial
and
consumer
loans,
and
mortgage-backed
securities. | More
from
Market Guide: Expanded
Business Description |
| Financial Summary | | FAB
is
a
bank
holding
company
for
the
First
Federal
Savings
Bank
of
America.
For
the
three
months
ended
6/30/01,
total
interest
income
increased
2%
to
$28
million.
Net
interest
income
after
loan
loss
provision
increased
4%
to
$8.8
million.
Net
income
before
accounting
change
rose
47%
to
$3.5
million.
Net
interest
income
reflects
an
increase
in
interest-earning
assets
and
a
lower
interest
on
borrowed
funds.
Net
income
benefitted
from
a
$750
thousand
gain
on
the
sale
of
investments. | More
from
Market Guide: Significant
Developments |
| | | | FY2001 Pay | |
| Robert Stoico, 60 Chairman,
Pres, CEO | $975K | Edward Hjerpe, III, 42 Exec.
VP, CFO, Treasurer & Chief Operating Officer of the Compan | 357K | Kevin McGillicuddy, 61 Exec.
VP of the Company and the Bank | 226K | Frederick Sullivan, 59 Exec.
VP of the Company and the Bank. | 228K | Dollar amounts are as of 31-Mar-2001 and compensation values are for the fiscal year ending on that date; "Pay" is salary, bonuses, etc.. |
| More
from
Market Guide on Officers & Directors: Expanded
List, Bios,
Compensation,
Options
|
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