ALPENA, Mich., March 11, 2016 /PRNewswire/ -- First Federal of Northern Michigan Bancorp, Inc. (OTCQX: FFNM) (the "Company") announced the addition of three commercial lenders, with over 35 years combined lending experience in Michigan, to its principal operating subsidiary, First Federal of Northern Michigan (the "Bank"). The Company intends to expand its lending presence in Northern Michigan and offer new commercial loan products within the markets we serve. Through this strategic loan growth initiative the Company intends to optimize our balance sheet, consistent with prudent lending standards, with the redeployment of investments in certain bonds from our investment portfolio to commercial loans.
Michael W. Mahler, Chief Executive Officer of the Company and the Bank, stated, "We are excited to have the addition of these experienced loan officers, and to continue to grow organically our loan portfolio in our market area. By converting lower-yielding bonds into loans we believe we will increase the core earnings of the Bank and continue our concerted efforts in adding value for our shareholders."
SOURCE First Federal of Northern Michigan Bancorp, Inc.