SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                    FORM 8-K

                                 CURRENT REPORT

                       Pursuant to Section 13 or 15(d) of
                       The Securities Exchange Act of 1934

      Date of Report (Date of earliest event reported): September 27, 2004

                             Alpena Bancshares, Inc.
             (Exact name of registrant as specified in its charter)

          Federal                        0-31957                  38-3567362
----------------------------      ---------------------      -------------------
(State or other jurisdiction      (Commission File No.)         (IRS Employer
     of incorporation)                                       Identification No.)



100 S. Second Ave., Alpena, Michigan                               49707
------------------------------------                          ---------------
(Address of principal executive offices)                        (Zip Code)


Registrant's telephone number, including area code:  (989) 356-9041


                                 Not Applicable
          -------------------------------------------------------------
          (Former name or former address, if changed since last report)








Item 8.01.                 Other Events.

     On September 27, 2004, Alpena Bancshares,  Inc. (the "Company") announced a
cash  dividend  on its  common  stock of $.10 per  share for the  quarter  ended
September 30, 2004. The dividend will be payable to stockholders of record as of
September 30, 2004 and will be paid on October 22, 2004.

     Alpena  Bancshares  MHC,  majority  stockholder of the Company and owner of
920,000 shares of the 1,659,180 total shares outstanding,  announced that it has
waived the right to receive the dividend. Accordingly, the dividend will be paid
on the 739,180 shares owned by minority stockholders of the Company.

     A copy of the press  release  dated  September  27,  2004,  giving  details
associated with the dividend is attached as Exhibit 99 to this report.

Item 9.01.      Financial Statements and Exhibits.

(a) Not Applicable.

(b) Not Applicable.

(c) Exhibits.

                  Exhibit No.            Description
                  -----------            -----------
                        99               Press release dated September 27, 2004






                                            SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.

                                            ALPENA BANCSHARES, INC.


DATE:  September 27, 2004                 By:   /s/ Michael W. Maher
                                                -------------------------------
                                                 Michael W. Mahler
                                                 Chief Financial Officer