[\ue000 ] Written\ue000 communications\ue000 pursuant\ue000 to\ue000 Rule\ue000 425\ue000 under\ue000 the\ue000 Securities\ue000 Act\ue000 (17\ue000 CFR\ue000 230.425) [\ue000 ]\ue000 \ue000 Soliciting\ue000 material\ue000 pursuant\ue000 to\ue000 Rule\ue000 14a-12\ue000 under\ue000 the\ue000 Exchange\ue000 Act\ue000 (17\ue000 CFR\ue000 240.14a-12)\ue000 [\ue000 ]\ue000 \ue000 Pre-commencement\ue000 communications\ue000 pursuant\ue000 to\ue000 Rule\ue000 14d-2(b)\ue000 under\ue000 the\ue000 Exchange\ue000 Act\ue000 \ue000 \ue000 (17\ue000 CFR\ue000 240.14d-2(b))\ue000

(a)\ue000\ue000\ue000\ue000\ue000On\ue000 February\ue000 19,\ue000 2009,\ue000 the\ue000 Board\ue000 of\ue000 Directors\ue000 of\ue000 Alaska\ue000 Pacific\ue000 Bancshares,\ue000 Inc.\ue000 (\u201cCompany\u201d)\ue000 amended\ue000 the\ue000 Company\u2019s\ue000 Bylaws\ue000 to\ue000 reduce the\ue000 size\ue000 of\ue000 the\ue000 Board\ue000 of\ue000 Directors\ue000 of\ue000 the\ue000 Company\ue000 from\ue000 nine\ue000 to\ue000 eight\ue000 members.\ue000 A\ue000 copy\ue000 of\ue000 the\ue000 Company\u2019s\ue000 amended\ue000 and\ue000 restated\ue000 Bylaws are\ue000 attached\ue000 hereto\ue000 as\ue000 Exhibit\ue000 3.2.

transaction\ue000 of\ue000 any\ue000 other\ue000 business\ue000 of\ue000 the\ue000 corporation\ue000 shall\ue000 be\ue000 held\ue000 annually\ue000 on\ue000 the\ue000 second\ue000 Thursday\ue000 of\ue000 April,\ue000 if\ue000 not\ue000 a\ue000 legal
holiday,\ue000 and\ue000 if\ue000 a\ue000 legal\ue000 holiday,\ue000 then\ue000 on\ue000 the\ue000 next\ue000 day\ue000 following\ue000 which\ue000 is\ue000 not\ue000 a\ue000 legal\ue000 holiday,\ue000 at\ue000 2:00\ue000 p.m.,\ue000 Alaska\ue000 Standard\ue000 time,
or\ue000 at\ue000 such\ue000 other\ue000 date\ue000 and\ue000 time\ue000 as\ue000 the\ue000 Board\ue000 of\ue000 Directors\ue000 may\ue000 determine.

special\ue000 meeting\ue000 of\ue000 shareholders,\ue000 the\ue000 purpose\ue000 or\ue000 purposes\ue000 for\ue000 which\ue000 the\ue000 meeting\ue000 is\ue000 called,\ue000 shall\ue000 be\ue000 delivered\ue000 not\ue000 less\ue000 than\ue000 20 nor\ue000 more\ue000 than\ue000 60\ue000 days\ue000 before\ue000 the\ue000 date\ue000 of\ue000 the\ue000 meeting,\ue000 either\ue000 personally\ue000 or\ue000 by\ue000 mail,\ue000 by\ue000 or\ue000 at\ue000 the\ue000 direction\ue000 of\ue000 the\ue000 Chairman\ue000 of the\ue000 Board,\ue000 the\ue000 President.\ue000 If\ue000 mailed,\ue000 such\ue000 notice\ue000 shall\ue000 be\ue000 deemed\ue000 to\ue000 be\ue000 delivered\ue000 when\ue000 deposited\ue000 in\ue000 the\ue000 mail,\ue000 addressed\ue000 to\ue000 the shareholder\ue000 at\ue000 the\ue000 address\ue000 as\ue000 it\ue000 appears\ue000 on\ue000 the\ue000 stock\ue000 transfer\ue000 books\ue000 or\ue000 records\ue000 of\ue000 the\ue000 corporation\ue000 as\ue000 of\ue000 the\ue000 record\ue000 date

prescribed\ue000 in\ue000 Section\ue000 6\ue000 of\ue000 this\ue000 Article\ue000 II,\ue000 with\ue000 postage\ue000 thereon\ue000 prepaid.\ue000 When\ue000 any\ue000 shareholders\u2019\ue000 meeting,\ue000 either\ue000 annual\ue000 or
special,\ue000 is\ue000 adjourned\ue000 for\ue000 three\ue000 days\ue000 or\ue000 more,\ue000 notice\ue000 of\ue000 the\ue000 adjourned\ue000 meeting\ue000 shall\ue000 be\ue000 given\ue000 as\ue000 in\ue000 the\ue000 case\ue000 of\ue000 an\ue000 original
meeting.\ue000 It\ue000 shall\ue000 not\ue000 be\ue000 necessary\ue000 to\ue000 give\ue000 any\ue000 notice\ue000 of\ue000 the\ue000 time\ue000 and\ue000 place\ue000 of\ue000 any\ue000 meeting\ue000 adjourned\ue000 for\ue000 less\ue000 than\ue000 three\ue000 days\ue000 or
of\ue000 the\ue000 business\ue000 to\ue000 be\ue000 transacted\ue000 at\ue000 the\ue000 meeting,\ue000 other\ue000 than\ue000 an\ue000 announcement\ue000 at\ue000 the\ue000 meeting\ue000 at\ue000 which\ue000 such\ue000 adjournment\ue000 is\ue000 taken.

meeting\ue000 of\ue000 shareholders\ue000 or\ue000 any\ue000 adjournment\ue000 thereof,\ue000 or\ue000 shareholders\ue000 entitled\ue000 to\ue000 receive\ue000 payment\ue000 of\ue000 any\ue000 dividend,\ue000 or\ue000 in\ue000 order
to\ue000 make\ue000 a\ue000 determination\ue000 of\ue000 shareholders\ue000 for\ue000 any\ue000 other\ue000 proper\ue000 purpose,\ue000 the\ue000 Board\ue000 of\ue000 Directors\ue000 shall\ue000 fix,\ue000 in\ue000 advance,\ue000 a\ue000 date\ue000 as
the\ue000 record\ue000 date\ue000 for\ue000 any\ue000 such\ue000 determination\ue000 of\ue000 shareholders.\ue000 Such\ue000 date\ue000 in\ue000 any\ue000 case\ue000 shall\ue000 be\ue000 not\ue000 more\ue000 than\ue000 70\ue000 days,\ue000 and\ue000 in\ue000 case
of\ue000 a\ue000 meeting\ue000 of\ue000 shareholders,\ue000 not\ue000 less\ue000 than\ue000 20\ue000 days\ue000 prior\ue000 to\ue000 the\ue000 date\ue000 on\ue000 which\ue000 the\ue000 particular\ue000 action,\ue000 requiring\ue000 such
determination\ue000 of\ue000 shareholders,\ue000 is\ue000 to\ue000 be\ue000 taken.\ue000 If\ue000 no\ue000 record\ue000 date\ue000 is\ue000 fixed\ue000 for\ue000 the\ue000 determination\ue000 of\ue000 shareholders\ue000 entitled\ue000 to\ue000 notice
of\ue000 or\ue000 to\ue000 vote\ue000 at\ue000 a\ue000 meeting\ue000 of\ue000 shareholders,\ue000 or\ue000 shareholders\ue000 entitled\ue000 to\ue000 receive\ue000 payment\ue000 of\ue000 a\ue000 dividend,\ue000 the\ue000 day\ue000 before\ue000 the\ue000 date
on\ue000 which\ue000 notice\ue000 of\ue000 the\ue000 meeting\ue000 is\ue000 mailed\ue000 or\ue000 the\ue000 date\ue000 on\ue000 which\ue000 the\ue000 resolution\ue000 of\ue000 the\ue000 Board\ue000 of\ue000 Directors\ue000 declaring\ue000 such\ue000 dividend
is\ue000 adopted,\ue000 as\ue000 the\ue000 case\ue000 may\ue000 be,\ue000 shall\ue000 be\ue000 the\ue000 record\ue000 date\ue000 for\ue000 such\ue000 determination\ue000 of\ue000 shareholders.\ue000 When\ue000 a\ue000 determination\ue000 of
shareholders\ue000 entitled\ue000 to\ue000 vote\ue000 at\ue000 any\ue000 meeting\ue000 of\ue000 shareholders\ue000 has\ue000 been\ue000 made\ue000 as\ue000 provided\ue000 in\ue000 this\ue000 section,\ue000 such\ue000 determination\ue000 shall
apply\ue000 to\ue000 any\ue000 adjournment.

of\ue000 the\ue000 stock\ue000 transfer\ue000 books\ue000 for\ue000 shares\ue000 of\ue000 the\ue000 corporation\ue000 shall\ue000 make\ue000 a\ue000 complete\ue000 list\ue000 of\ue000 the\ue000 shareholders\ue000 entitled\ue000 to\ue000 vote\ue000 at\ue000 such
meeting,\ue000 or\ue000 any\ue000 adjournment\ue000 thereof,\ue000 arranged\ue000 in\ue000 alphabetical\ue000 order,\ue000 with\ue000 the\ue000 address\ue000 of\ue000 and\ue000 the\ue000 number\ue000 of\ue000 shares\ue000 held\ue000 by
each.\ue000 This\ue000 list\ue000 of\ue000 shareholders\ue000 shall\ue000 be\ue000 kept\ue000 on\ue000 file\ue000 at\ue000 the\ue000 home\ue000 office\ue000 of\ue000 the\ue000 corporation\ue000 and\ue000 shall\ue000 be\ue000 subject\ue000 to\ue000 inspection\ue000 by
any\ue000 shareholder\ue000 at\ue000 any\ue000 time\ue000 during\ue000 usual\ue000 business\ue000 hours,\ue000 for\ue000 a\ue000 period\ue000 of\ue000 20\ue000 days\ue000 prior\ue000 to\ue000 such\ue000 meeting.\ue000 Such\ue000 list\ue000 shall\ue000 also\ue000 be
produced\ue000 and\ue000 kept\ue000 open\ue000 at\ue000 the\ue000 time\ue000 and\ue000 place\ue000 of\ue000 the\ue000 meeting\ue000 and\ue000 shall\ue000 be\ue000 subject\ue000 to\ue000 inspection\ue000 by\ue000 any\ue000 shareholder\ue000 dur\ue000 ing\ue000 the
entire\ue000 time\ue000 of\ue000 the\ue000 meeting.\ue000 The\ue000 original\ue000 stock\ue000 transfer\ue000 book\ue000 shall\ue000 be\ue000 prima\ue000 facie\ue000 evidence\ue000 of\ue000 the\ue000 shareholders\ue000 entitled\ue000 to
examine\ue000 such\ue000 list\ue000 or\ue000 transfer\ue000 books\ue000 or\ue000 to\ue000 vote\ue000 at\ue000 any\ue000 meeting\ue000 of\ue000 shareholders.\ue000 Failure\ue000 to\ue000 comply\ue000 with\ue000 the\ue000 requirements\ue000 of\ue000 this
bylaw\ue000 shall\ue000 not\ue000 affect\ue000 the\ue000 validity\ue000 of\ue000 any\ue000 action\ue000 taken\ue000 at\ue000 the\ue000 meeting.

by\ue000 proxy,\ue000 shall\ue000 constitute\ue000 a\ue000 quorum\ue000 at\ue000 a\ue000 meeting\ue000 of\ue000 shareholders.\ue000 The\ue000 shareholders\ue000 present\ue000 at\ue000 a\ue000 duly\ue000 organized\ue000 meeting\ue000 may
continue\ue000 to\ue000 transact\ue000 business\ue000 until\ue000 adjournment,\ue000 notwithstanding\ue000 the\ue000 withdrawal\ue000 of\ue000 enough\ue000 shareholders\ue000 to\ue000 leave\ue000 less\ue000 than\ue000 a
quorum.\ue000 If\ue000 a\ue000 quorum\ue000 is\ue000 present\ue000 or\ue000 represented\ue000 at\ue000 a\ue000 meeting,\ue000 a\ue000 majority\ue000 of\ue000 those\ue000 present\ue000 or\ue000 represented\ue000 may\ue000 transact\ue000 any
business\ue000 that\ue000 comes\ue000 before\ue000 the\ue000 meeting,\ue000 unless\ue000 a\ue000 greater\ue000 percentage\ue000 is\ue000 required\ue000 by\ue000 law.\ue000 If\ue000 less\ue000 than\ue000 a\ue000 quorum\ue000 of\ue000 the
outstanding\ue000 shares\ue000 is\ue000 represented\ue000 at\ue000 a\ue000 meeting,\ue000 a\ue000 majority\ue000 of\ue000 the\ue000 shares\ue000 so\ue000 represented\ue000 may\ue000 adjourn\ue000 the\ue000 meeting\ue000 from\ue000 time\ue000 to
time\ue000 without\ue000 furth\ue000 er\ue000 notice.\ue000 At\ue000 such\ue000 adjourned\ue000 meeting\ue000 at\ue000 which\ue000 a\ue000 quorum\ue000 shall\ue000 be\ue000 present\ue000 or\ue000 represented,\ue000 any\ue000 business\ue000 may
be\ue000 transacted\ue000 which\ue000 might\ue000 have\ue000 been\ue000 transacted\ue000 at\ue000 the\ue000 meeting\ue000 as\ue000 originally\ue000 notified,\ue000 and\ue000 in\ue000 the\ue000 case\ue000 of\ue000 any\ue000 adjourned\ue000 meeting
called\ue000 for\ue000 the\ue000 election\ue000 of\ue000 directors,\ue000 those\ue000 who\ue000 attend\ue000 the\ue000 second\ue000 of\ue000 the\ue000 adjourned\ue000 meetings,\ue000 although\ue000 less\ue000 than\ue000 a\ue000 quorum,\ue000 shall
nevertheless\ue000 constitute\ue000 a\ue000 quorum\ue000 for\ue000 the\ue000 purpose\ue000 of\ue000 electing\ue000 directors.

shareholder\ue000 or\ue000 by\ue000 his\ue000 duly\ue000 authorized\ue000 attorney\ue000 in\ue000 fact.\ue000 Proxies\ue000 solicited\ue000 on\ue000 behalf\ue000 of\ue000 the\ue000 management\ue000 shall\ue000 be\ue000 voted\ue000 as\ue000 directed
by\ue000 the\ue000 shareholder\ue000 or,\ue000 in\ue000 the\ue000 absence\ue000 of\ue000 such\ue000 direction,\ue000 as\ue000 determined\ue000 by\ue000 a\ue000 majority\ue000 of\ue000 the\ue000 Board\ue000 of\ue000 Directors.\ue000 All\ue000 proxies\ue000 shall
be\ue000 filed\ue000 with\ue000 the\ue000 Secretary\ue000 of\ue000 the\ue000 corporation\ue000 before\ue000 or\ue000 at\ue000 the\ue000 commencement\ue000 of\ue000 meetings.\ue000 No\ue000 proxy\ue000 may\ue000 be\ue000 effectively
revoked\ue000 until\ue000 notice\ue000 in\ue000 writing\ue000 of\ue000 such\ue000 revocation\ue000 has\ue000 been\ue000 given\ue000 to\ue000 the\ue000 Secretary\ue000 of\ue000 the\ue000 corporation\ue000 by\ue000 the\ue000 shareholder\ue000 (or\ue000 his
duly\ue000 authorized\ue000 attorney\ue000 in\ue000 fact,\ue000 as\ue000 the\ue000 case\ue000 may\ue000 be)\ue000 granting\ue000 the\ue000 proxy.\ue000 No\ue000 proxy\ue000 shall\ue000 be\ue000 valid\ue000 after\ue000 eleven\ue000 months\ue000 from\ue000 the
date\ue000 of\ue000 its\ue000 execution\ue000 unle\ue000 ss\ue000 it\ue000 is\ue000 coupled\ue000 with\ue000 an\ue000 interest.