EXHIBIT 99
DEARBORN BANCORP CONTINUES TO REPORT
RECORD EARNINGS.
DEARBORN, Michigan, October 19, 2004 ... Dearborn Bancorp, Inc. (Nasdaq: DEAR), the Holding Company for Community Bank of Dearborn, has announced record earnings for the Third Quarter and first nine months of 2004. Earnings for the three months ended September 30, 2004, were $1,402,000 or $0.31 per fully diluted share. This was 38.8% more than earnings of $1,010,000 ($0.30 per diluted share) reported for the same quarter last year. For the first nine months of 2004, earnings were $3,966,000 ($1.04 per diluted share), 68.8% more than the same nine months last year when earnings were $2,349,000 ($0.70 per diluted share).
During the 12 months ended September 30, 2004, the Company’s total assets increased 40.3% to $574,298,000, total deposits grew 36.4% to $469,014,000 and total loans went up 26.4% to $474,111,000. The annualized return on average assets was 1.04% during the third quarter and 1.08% during the first nine months of 2004.
Michael J. Ross, President of both the Holding Company and the Bank, issued his organization’s earnings report and added, “Earnings per share and shareholders’ equity are not directly comparable between 2003 and 2004 because we successfully completed a public offering of approximately 1.4 million new shares at $26.00 per share during July of this year. The proceeds of the offering, which was underwritten and managed by Oppenheimer & Co. and co-managed by Howe Barnes Investments, Inc., will provide the capital we need to continue our growth and expansion strategy.”
Dearborn Bancorp, Inc., is a registered bank holding company. Its sole subsidiary is Community Bank of Dearborn. The bank operates full service offices in Dearborn, Dearborn Heights, Plymouth Township, Canton Township, Clinton Township, Southgate, and Auburn Hills in the State of Michigan. In July the Company announced an agreement to acquire Bank of Washtenaw in Ann Arbor, Michigan, for $15 million in cash. When all regulatory approvals have been received and the transaction closes, Washtenaw’s three offices will become branches of Community Bank of Dearborn and add approximately $75 million to Community Bank’s total assets. The closing is expected to take place by the end of October, 2004. Dearborn Bancorp’s common shares trade on the Nasdaq National Market under the symbol DEAR.
Contact Michael J. Ross, President or Jeffrey L. Karafa, CFO at (313) 565-5700.
Forward-Looking Statements
This press release contains forward-looking statements that are based on management’s beliefs, assumptions, current expectations, estimates and projections about the financial services industry, the economy and about the Corporation and the Bank. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “intends,” “is likely,” “plans,” “projects,” variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions (“Future Factors”) that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what may be expressed or forecasted in such forward-looking statements. The Corporation undertakes no obligation to update, amend or clarify forward-looking statements, whether as a result of new information, future events (whether anticipated or unanticipated), or otherwise.
Future Factors include changes in interest rates and interest rate relationships; demand for products and services; the degree of competition by traditional and non-traditional competitors; changes in banking regulation; changes in tax laws; changes in prices, levies and assessments; the impact of technological advances; governmental and regulatory policy changes; the outcomes of contingencies, trends in customer behavior as well as their ability to repay loans; and changes in the national and local economy. These are representative of the Future Factors and could cause a difference between an ultimate actual outcome and a preceding forward-looking statement.
