Merger Information

First Federal of Northern Michigan

and Bank of Alpena Merger Information

On January 23, 2014, it was jointly announced that First Federal of Northern Michigan Bancorp, Inc.and Alpena Banking Corporation signed a definitive agreement to merge. First Federal of Northern Michigan and Bank of Alpena are merging to create a stronger and better community bank for you. Joining with First Federal will bring solid benefits to Bank of Alpena customers, employees and shareholders. In addition, the merger of both banks will provide added convenience, and enhanced products and services.

Important Points to Note (Pending Shareholder Approval)

  • A comprehensive Merger Information Guide will be mailed to you in mid July with all of the information you will need to know about your accounts.
  • Bank of Alpena will be closed Saturday, August 9th; however the ATM will be available for cash withdrawals.
  • Important: If you receive e-statements you should save or print your e-Statements prior to August 8th at 4:00 PM. This information will not be transferred to your new online banking during conversion.
  • Deposit account numbers (savings, checking, CDs) will stay the same. Direct deposits will continue to post as usual to your account.
  • You can continue to use your existing Bank of Alpena checks.
  • New ATM, debit, and HSA cards with new card numbers will be reissued and mailed July 18th. Continue to use your current Bank of Alpena cards until August 11th.
  • Consumer Online and Telephone Banking will be available for INQUIRY ONLY beginning Friday, August 8th at 4:00 PM. You will be able to re-enroll in First Federal's Online Banking and Telephone Banking Monday, August 11th at 9:00 AM.
  • Business Online Banking will be UNAVAILABLE after 4:00 PM on August 8th.
  • Monday, August 11th, Bank of Alpena will REOPEN as First Federal of Northern Michigan at 9:00 AM.
  • The branch phone number will remain 989-358-9900.

Frequently Asked Questions Regarding Merger

What is a merger?

A merger is when two organizations join together and utilize the best elements from each to create a better organization, as opposed to an acquisition where there is an acquirer and a target and little is left of the target after the transaction.

When will the two banks be merged?

The agreement to merge is subject to the approval of the shareholders of both organizations and the regulators of both organizations. We hope to receive these approvals in the second or third quarter of 2014. We expect the merger to be completed in the third quarter of 2014. Following that, we expect full integration of Bank of Alpena operations into First Federal to occur late in the third quarter of 2014. You will continue to receive updates as changes occur.

Will Bank of Alpena change its' name?

Yes. After full integration, Bank of Alpena will change its' name to First Federal of Northern Michigan.

How are First Federal and Bank of Alpena similar?

Both banks are very community minded and place a great emphasis on customer service and community involvement. The Boards of Directors of each Bank have been very committed to being locally managed to better serve the needs of the region. Both Banks believe in the value of local decision making. The employees of each Bank are knowledgeable, dedicated and committed to our customers. Bringing them together makes the new Bank stronger.

Will the employees of either Bank be affected?

There may be some changes as employees are repositioned. Many First Federal employees will be shifted to a new location as certain departments are relocated. In spite of these moves, you should still continue to see many of the same faces following the merger.

Should I close or change my account?

No. There is no need to close your account or to make any changes at this time. In the coming weeks and months, we will be providing you with updates and more specific information regarding the transition of your accounts and loans. Our plan is to make this transition seamless for all of our customers.

How will my accounts at Bank of Alpena be affected? What about my checks, debit cards, online banking, statements, etc.?

Until we complete the account conversion, set for third quarter 2014, there will be no impact to your bank accounts and services. We will communicate with you in advance on any changes to your accounts that may occur as a result of the merger.

How do I get in contact with First Federal or Bank of Alpena if I have any questions?

Bank of Alpena

468 N. Ripley Blvd. • Alpena, MI 49707

(989) 358-9900 •

First Federal of Northern Michigan

100 S. Second Ave. • Alpena, MI 49707

(989) 356-9041 •