After extending the deadline to vote from Jan. 6 to today, Wednesday, Jan. 28, officials with First Federal Savings and Loan Association will announce whether the 92-year-old mutually owned institution will instead be owned by stockholders.
If passed, common stock will be publicly traded on the NASDAQ Capital Market under the symbol “FNBC.”
By early January, the maximum amount of share subscriptions the bank could offer had been sold – 12,167,000 shares of stock with a minimum order of stock of 25 shares for $250 and limited to 20,000 shares per person.
However, until the votes are accounted for and the conversion is passed, the $121 million paid toward stock is being held in escrow, according to an earlier report by Peninsula Daily News. Those eligible to vote on the conversion include First Federal depositors and borrowers.
After not receiving a “significant number” of votes from depositors and given the extent of the decision, bank officials wanted as many of the 25,000 account-holders to vote as possible and thus extended the deadline, First Federal president and CEO Larry Hueth said.
Because of the interest, First Northwest Bancorp, the proposed holding company of First Federal, expects available stock will go only to Tier 1 depositors, those with First Federal accounts as of March 31, 2011.
Given the institution’s local start in Port Angeles, many of the Tier 1 depositors are long-term bank customers who live in Clallam and Jefferson counties, according to an earlier report by the Peninsula Daily News.
Within the past nine decades, however, the bank has grown to include nine branches dispersed in Clallam, Jefferson and Kitsap counties and a lending center in Bellingham.
Additionally, officials with First Federal also seek to pass the funding of a new community foundation, a 501(c)(3) nonprofit that would give money to charities and other local community groups.
The final vote is to be announced at the members meeting at 10 a.m., today, Wednesday, Jan. 28, at the Port Angeles Red Lion Hotel, 221 N. Lincoln St.
Despite multiple phone calls, officials with First Federal were unavailable for comment, though Hueth said he couldn’t address any questions associated to the conversion while the issue is to open to votes.
