EXHIBIT 99.1
FLORIDAFIRST BANCORP
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FLORIDAFIRST BANCORP PLANS ADDITIONAL STOCK OFFERING
Lakeland, FL, July 24, 2000 (Nasdaq National Market "FFBK"). Gregory C.
Wilkes, President and Chief Executive Officer of FloridaFirst Bancorp (the
"Company"), the stock holding company of FloridaFirst Bank, Lakeland, Florida
(the "Bank"), announced that the Company has recently entered into plans of
conversion and reorganization (the "Plans") from a mutual holding company form
of organization to a full stock corporation. Public stockholders currently own
43% of the Company and the remaining 57% is owned by FloridaFirst Bancorp MHC
(the "Mutual Holding Company").
Upon consummation of the Plans, the Mutual Holding Company will cease
to exist. The stock held by public shareholders will be converted into shares of
the new Florida stock holding company to be called "FloridaFirst Bancorp, Inc."
The Bank will be a wholly owned subsidiary of the new holding company which will
be fully owned by public stockholders.
FloridaFirst Bancorp, Inc., the new holding company, will offer shares
in a subscription offering to certain deposit holders of FloridaFirst Bank and
to the Bank's tax qualified employee stock benefit plan (ESOP). Any remaining
shares may be subscribed for by the public stockholders in a public
stockholders' offering. If any shares of conversion stock remain unsold after
the subscription offering and a public stockholders' offering, they may be
offered for sale to the public through a community offering and/or syndicated
community offering, as determined by the Boards of Directors of the new holding
company and the Bank in their sole discretion.
Mr. Greogory C. Wilkes, President and CEO of the Company said, "the
Boards of Directors of the Bank, the Company, and our Mutual Holding Company
believe that a conversion of the Mutual Holding Company to a full stock
corporation is in the best interest of our organization and, more importantly,
in the best interest of our respective depositors and public stockholders. The
Directors have determined that the Plans equitably provide for the interest of
all parties and, in addition, should result in a more active and liquid market
for our stock. The stock of mutual holding company organizations are currently
depressed below the market for fully converted stock companies. We expect the
stock of the new holding company, as part of a fully converted stock company, to
be more fairly priced in the market place than our stock in its current mutual
holding company form. The Plans are also designed to enable the Bank and the new
holding company to compete more effectively in a market which is consolidating
by pursuing strategic business combinations with other financial service related
companies. The Plans are expected to be consummated by December 31, 2000."
The conversion and reorganization is subject to the approval of the
Office of Thrift Supervision ("OTS") and also must be approved by (1) at least a
majority of the total number votes eligible to be cast by voting members of the
Mutual Holding Company at the special meeting of members and (2) holders of at
least two-thirds of the shares of outstanding Company common stock at the
Company's stockholders meeting, of which at least a majority of the votes cast,
in person or by proxy, must be received from the public stockholders of the
Company.
After the consummation of the Plans, the Bank will continue to be
regulated by the OTS as its chartering authority, and by the Federal Deposit
Insurance Corporation, which insures the Bank's deposits. In addition, the Bank
will continue to be a member of the Federal Home Loan Bank system, and all
insured saving deposits will continue to be insured by the FDIC up to the
maximum amount provided by law.
This press release contains certain forward-looking statements about
the transaction. Forward-looking statement include statements regarding the
anticipated closing date of the transactions, the market for the stock, and
anticipated future results and can be identified by the fact that they do not
relate strictly to historical or current facts. Certain factors that could cause
actual results to differ materially from expected results include delays in
consummation of the Plans, difficulties in selling the conversion stock or in
selling the conversion stock within the expected time frame, increased
competitive pressures, changes in the interest rate environment, general
economic conditions or the securities market, and legislative and regulatory
changes that could adversely affect the businesses in which the Mutual Holding
Company, the Company and the Bank are engaged.
For further information, contact Gregory C. Wilkes, or Kerry P. Charlet
at (863) 688-6811.
205 East Orange Street - P.O. Box 1527 - Lakeland, Florida 33802 - (863)688-6811