EXHIBIT 99.1
DEARBORN BANCORP ANNOUNCES SALE OF
OVER-ALLOTMENT OF COMMON STOCK
Dearborn Bancorp, Inc. (Nasdaq: DEAR) announced the closing, on August 23, 2004, of the sale by the Company of 135,871 shares of its common stock at $26.00 per share. The shares were sold as part of an over-allotment of shares in a firm commitment underwritten offering lead managed by Oppenheimer & Co. Inc. and co-managed by Howe Barnes Investments, Inc. The Company received net proceeds from the over-allotment of approximately $3.3 million, after underwriting discounts and commissions and estimated expenses.
This press release is not an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Dearborn Bancorp is a registered bank holding company whose subsidiary, Community Bank of Dearborn, has offices in Dearborn, Dearborn Heights, Plymouth Township, Canton Township, Clinton Township, Southgate and Auburn Hills, Michigan.
Contact: Michael J. Ross, President & CEO or Jeffrey L. Karafa, CFO at (313) 565-5700