Item 8.01. Other Events.

On November 14, 2008, First Federal of Northern Michigan Bancorp, Inc. (the "Company"), the holding company for First Federal of Northern Michigan (the "Bank"), applied to participate in the United States Department of the Treasury's TARP Capital Purchase Program. On December 31, 2008, the Company withdrew its application in consultation with the Bank's primary federal regulator in light of, among other things, the Bank's existing capital ratios, all of which substantially exceed regulatory capital requirements. At September 30, 2008, the Bank's core capital ratio was 10.79% and its risk-based capital ratio was 16.86%, well in excess of the regulatory requirements to be adequately capitalized of 4% and 8%, respectively.

In reaching its decision to withdraw its application, the Company also considered the decline in the Company's stock price since the application date, which would cause substantially greater dilution to stockholders due to the warrants to be issued under the program.

Item 9.01 Financial Statements and Exhibits

(a) Financial Statements of businesses acquired. Not Applicable.

(b) Pro forma financial information. Not Applicable.

(c) Shell Company Transactions. Not Applicable

(d) Exhibits. None.