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FFSX > SEC Filings for FFSX > Form 8-K on 19-Dec-2008All Recent SEC Filings

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Form 8-K for FIRST FEDERAL BANKSHARES INC


19-Dec-2008

Completion of Acquisition or Disposition of Assets


Item 2.01. Completion of Acquisition of Disposition of Assets.

On December 15, 2008, Vantus Bank (the "Bank"), the wholly owned federal savings bank subsidiary of the Company, announced the completion of the sale of its Grinnell, Iowa branch office (the "Branch"), and the deposits, loans and other assets associated with the Branch to Lincoln Savings Bank. The transaction was completed in accordance with the terms of the purchase and assumption agreement, dated September 18, 2008 (the "Agreement"), previously disclosed in a Current Report on Form 8-K filed on September 22, 2008.

Specifically, pursuant to the Agreement, Lincoln Savings Bank purchased at book value: the Branch, including equipment, furniture and fixtures associated with the Branch; the loans associated with the Branch; and the Bank's ATM located at Grinnell College. As of the closing date these assets totaled $27.4 million. In addition, Lincoln Savings Bank assumed the deposits housed at the Branch, and pursuant to the Agreement, paid a 10.58% premium for those deposits. As of the closing date, the deposits totaled $52.7 million and the premium paid was $5.6 million.

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