SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934 For the Quarterly period ended June 30, 1997.
--------------
Commission file number 000-24478.
DEARBORN BANCORP, INC.
----------------------
(Exact name of registrant as specified in its charter)
Michigan 38-3073622
-------- ----------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
22290 Michigan Avenue, Dearborn, MI 48123-2247
----------------------------------------------
(Address of principal executive office) (Zip Code)
(313) 274-1000
--------------
(Registrant's telephone number, including area code)
N/A
---
(Former name, former address and former fiscal year,
if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes_ X___ No ______
Indicate the number of shares outstanding for each of the issuer's classes of
common stock, as of July 31, 1996.
Class Shares Outstanding
----- ------------------
Common Stock 950,000
DEARBORN BANCORP, INC.
INDEX
Part I. Financial Information:
Item 1. Financial Statements
The following consolidated financial statements of Dearborn
Bancorp, Inc. and its subsidiary included in this report are:
Page
----
Consolidated Balance Sheets - June 30, 1997,
December 31, 1996 and June 30, 1996 3
Consolidated Statements of Operations - For the Three and Six
Months Ended June 30, 1997 and 1996 4
Consolidated Statements of Cash Flows - For the Six
Months Ended June 30, 1997 and 1996 5
Notes to Consolidated Financial Statements 6
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations, Liquidity, and Capital 6-13
Part II. Other Information:
Pursuant to SEC rules and regulations, the following item(s) are
included with the Form 10-Q Report:
Item 4. Submission of Matters to a Vote of Security Holders 14
Item 6. Exhibits and Reports on Form 8-K 14
Pursuant to SEC rules and regulations, the following items are
omitted from this Form 10-Q as inapplicable or to which the answer is
negative:
Item 1. Legal Proceedings
Item 2. Changes in the Rights of the Company's Security Holders
Item 3. Defaults by the Company on its Senior Securities
Item 5. Other Information
SIGNATURES 15
2
DEARBORN BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(In thousands) 06/30/97 12/31/96 06/30/96
(unaudited) (audited) (unaudited)
------------- ------------- --------------
ASSETS
Cash and cash equivalents
Cash and due from banks $ 2,059 $ 2,126 $ 952
Federal funds sold 1,300 5,300 2,150
-------- -------- --------
Total cash and cash equivalents 3,359 7,426 3,102
Mortgage loans held for sale 61 303 170
Investment securities, available for sale 19,479 10,493 14,241
Loans
Loans 43,136 36,263 25,186
Allowance for possible credit losses (436) (366) (255)
-------- -------- --------
Net loans 42,700 35,897 24,931
Bank premises and equipment, net 2,098 2,080 2,118
Accrued interest receivable 549 306 374
Other assets 140 94 89
-------- -------- --------
Total assets $ 68,386 $ 56,599 $ 45,025
======== ======== ========
LIABILITIES
Deposits
Non-interest bearing deposits $ 9,711 $ 7,583 $ 8,276
Interest bearing deposits 49,362 39,880 30,704
-------- -------- --------
Total deposits 59,073 47,463 38,980
Other liabilities
Mortgage payable 545 554 562
Accrued interest payable 178 127 86
Other liabilities 155 265 95
-------- -------- --------
Total liabilities 59,951 48,409 39,723
STOCKHOLDERS' EQUITY
Common stock - 3,000,000 shares authorized,
950,000 shares outstanding in
1997 and 674,000 shares
outstanding in 1996 9,272 6,521 6,521
Common stock subscribed but unissued,
276,000 shares in 1996 -- 2,752 --
Accumulated deficit (807) (1,065) (1,184)
Net unrealized gain (loss) on securities
available for sale (30) (18) (35)
-------- -------- --------
Total stockholders' equity 8,435 8,190 5,302
Total liabilities and
stockholders' equity $ 68,386 $ 56,599 $ 45,025
======== ======== ========
<FN>
The accompanying notes are an integral part of these consolidated statements.
3
DEARBORN BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(In thousands, except per share data) Three Months Ended Six Months Ended
06/30/97 06/30/96 06/30/97 06/30/96
----------- ----------- ----------- ------------
Interest income
Interest and fees on loans $958 $562 $1,827 $1,052
Interest on investment securities,
available for sale 302 190 531 334
Interest on federal funds and
deposits with banks 36 40 61 61
Total interest income 1,296 792 2,419 1,447
----- --- ----- -----
Interest expense
Interest on deposits 690 387 1,268 706
Interest on other liabilities 11 11 21 22
----- --- ----- -----
Total interest expense 701 398 1,289 728
Net interest income 595 394 1,130 719
Provision for possible credit losses 34 36 73 54
----- --- ----- -----
Net interest income after provision for
possible credit losses 561 358 1,057 665
----- --- ----- -----
Non-interest income
Service charges on deposit accounts 29 22 59 38
Fees for other services to customers 5 3 12 7
Gain on the sale of loans 34 26 68 72
Gain on the sale of investment
securities --- 4 --- 4
Other income 2 2 3 5
----- --- ----- -----
Total non-interest income 70 57 142 126
Non-interest expenses
Salaries and employee benefits 310 264 590 554
Occupancy and equipment expense 47 44 97 94
Advertising and marketing 26 28 56 58
Stationery and supplies 13 18 30 33
Professional services 26 16 43 31
Data processing 24 16 44 33
FDIC insurance premiums 3 1 3 1
Other operating expenses 72 33 138 79
----- --- ----- -----
Total non-interest expenses 521 420 1,001 883
Income (loss) before provision for income taxes 110 (5) 198 (92)
Income tax benefit (35) --- (60) ---
----- --- ----- -----
Net income (loss) $145 ($5) $258 ($92)
===== === ===== =====
Per share data:
Net income (loss) $0.15 ($0.01) $0.27 ($0.14)
Average number of shares outstanding 950,000 674,000 950,000 674,000
<FN>
The accompanying notes are an integral part of these consolidated statements.
4
DEARBORN BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
(In thousands) Six Months Ended
06/30/97 06/30/96
-------- --------
Cash flows from operating activities
Interest and fees received $ 2,250 $ 1,413
Interest paid (1,238) (734)
Proceeds from sale of mortgages held for
sale 4,720 3,760
Origination of mortgages held for sale (4,410) (3,450)
Cash paid to suppliers and employees (1,025) (758)
-------- --------
Net cash provided by operating activities 297 231
Cash flows from investing activities
Proceeds from maturities of securities
available for sale 5,000 2,000
Proceeds from sales of securities available
for sale 595 1,709
Purchases of securities available for sale (14,598) (8,020)
Increase in loans, net of payments received (6,876) (5,244)
Purchases of property and equipment (86) (167)
-------- --------
Net cash used in investing activities (15,965) (9,722)
Cash flows from financing activities
Net increase in non-interest bearing
deposits 2,128 4,203
Net increase in interest bearing deposits 9,482 5,855
Principal payments on mortgage payable (9) (7)
-------- --------
Net cash provided by financing activities 11,601 10,051
Increase (decrease) in cash and cash equivalents (4,067) 560
Cash and cash equivalents at the beginning of the
period 7,426 2,542
-------- --------
Cash and cash equivalents at the end of the period $ 3,359 $ 3,102
======== ========
Reconciliation of net income (loss) to net cash
provided by operating activities
Net income (loss) $ 258 $ (92)
Adjustments to reconcile net income (loss)
to net cash provided by operating activities
Provision for possible credit
losses 73 54
Depreciation and amortization
expense 71 65
Accretion of discount on
investment securities (4) (2)
Amortization of premium on
investment securities 8 47
(Gain) on sale of investment
securities -- (4)
Decrease in mortgages held for 242 238
sale
(Increase) in interest receivable (243) (84)
Increase (decrease) in interest
payable 51 (6)
(Increase) decrease in other
assets (49) 9
Increase (decrease) in other
liabilities (110) 6
-------- --------
Net cash provided by operating activities $ 297 $ 231
======== ========
<FN>
The accompanying notes are an integral part of these consolidated statements.
5
DEARBORN BANCORP, INC.
FORM 10-Q (continued)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
A. Accounting and Reporting Policies
The financial statements of Dearborn Bancorp, Inc. (the
"Corporation") include the consolidation of its only subsidiary,
Community Bank of Dearborn (the "Bank"). The accounting and reporting
policies of the Corporation are in accordance with generally accepted
accounting principles and conform to practice within the banking
industry.
The unaudited financial statements of the Corporation for the three
and six month periods ended June 30, 1997 and 1996 reflect all
adjustments, consisting of normal recurring items which are, in the
opinion of management, necessary to present a fair statement of the
results for the interim period. The operating results for the
reported periods are not necessarily indicative of results of
operations for the entire year.
The consolidated financial statements included herein have been
prepared by the Corporation, without an audit, pursuant to the rules
and regulations of the Securities and Exchange Commission. Certain
information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting
principles have been condensed or omitted pursuant to such rules and
regulations. These financial statements should be read in conjunction
with the financial statements and notes thereon included in the
Corporation's 1996 Annual Report to Stockholders.
PART 1 - FINANCIAL INFORMATION
ITEM 2. - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
The following discussion and analysis are intended to address significant
factors affecting the financial condition and results of operations of the
Corporation. The discussion provides a more comprehensive review of the
financial position and operating results than can be obtained from a reading
of the financial statements and footnotes presented elsewhere in this report.
6
DEARBORN BANCORP, INC.
FORM 10-Q (continued)
ANALYSIS OF BALANCE SHEET AND IMPACT UPON OPERATING RESULTS
Average total assets for the three and six month periods ended June 30, 1997
amounted to $67.4 million and $63.4 million, respectively. Average total
asset for the three and six month periods ended June 30, 1996 amounted to
$42.4 million and $39.0 million, respectively.
The annualized return on average total assets for the three and six month
periods ended June 30, 1997 was 0.86% and 0.81%, respectively. The annualized
return on average total assets for the three and six month periods ended June
30, 1996 was (0.05%) and (0.46%), respectively. The annualized return on
average equity for the three and six month periods ended June 30, 1997 was
7.00% and 6.39%, respectively. The annualized return on average equity for
the three and six month periods ended June 30, 1996 was (0.38%) and (3.36%),
respectively.
Net interest income was $595,000 and $1,130,000 for the three and six month
periods ended June 30, 1997, respectively. The annualized net interest margin
for the three and six month periods ended June 30, 1997, on a tax equivalent
basis, was 3.53% and 3.56%, respectively. Net interest income was $394,000
and $719,000 for the three and six month periods ended June 30, 1996,
respectively. The annualized net interest margin for the three and six month
periods ended June 30, 1996, on a tax equivalent basis, was 3.72% and 3.69%,
respectively.
Loans
Major categories of loans included in the loan portfolio are as follows (in
thousands):
06/30/97 12/31/96 06/30/96
-------- -------- --------
Consumer loans $11,159 $ 8,877 $ 5,522
Commercial, financial, & other 7,032 7,199 5,589
Commercial real estate construction 2,490 1,971 260
Commercial real estate mortgages 8,122 6,384 4,501
Residential real estate mortgages 14,333 11,832 9,314
------- ------- -------
43,136 36,263 25,186
Less allowance for possible credit losses 436 366 255
------- ------- -------
$42,700 $35,897 $24,931
======= ======= =======
7
DEARBORN BANCORP, INC.
FORM 10-Q (continued)
Average total loans for the six month periods ended June 30, 1997 and 1996,
amounted to $40.0 million and $21.4 million, respectively. Interest income on
total loans was $1,827,000 and $1,052,000, respectively, as of June 30, 1997
and 1996, resulting in an effective yield of 9.14% and 9.83% on a tax
equivalent basis.
Non-Performing Assets and Problem Loans
The following is a summary of non-performing assets and problems loans (in
thousands):
06/30/97 12/31/96 06/30/96
-------- -------- --------
Non-accrual loans $5 $8 $9
Renegotiated loans -- -- --
Other real estate owned -- -- --
--- --- ---
$5 $8 $9
== == ==
Allowance and Provision for Possible Credit Losses
The following is an analysis of the allowance for possible credit losses (in
thousands):
06/30/97 06/30/96
-------- --------
Balance, beginning of year $ 366 $ 204
Provision for possible credit losses
charged to operations 73 54
------- -------
439 258
Loans charged off 3 3
------- -------
Balance, June 30 $ 436 $ 255
======= =======
As a percent of total loans 1.01% 1.01%
======= =======
Ratios (amounts in thousands):
Net charge-offs to total loans,
annualized 0.01% 0.02%
Average allowance for possible loan
losses 398 219
Average total loans, gross 40,000 21,409
Average allowance to average total loans 1.00% 1.02%
8
DEARBORN BANCORP, INC.
FORM 10-Q (continued)
Investment Securities Available for Sale
The amortized cost and estimated market value of investments in debt
securities available for sale are as follows (in thousands):
June 30, 1997
---------------------------------------------------------------
Gross Gross Estimated
Amortized Unrealized Unrealized Market
Cost Gains Losses Value
--------- ---------- ---------- ---------
US Treasury securities $ 3,006 $ 8 $ (9) $ 3,005
US Government agency securities 16,503 8 (37) 16,474
------- ----- ---- -------
Totals $19,509 $16 $(46) $19,479
======= ===== ==== =======
June 30, 1996
---------------------------------------------------------------
Gross Gross Estimated
Amortized Unrealized Unrealized Market
Cost Gains Losses Value
--------- ---------- ---------- ---------
US Treasury securities $ 5,273 $1 $(9) $5,265
US Government agency securities 9,003 3 (30) 8,976
------- ---- ---- -------
Totals $14,276 $4 $(39) $14,241
======= ===== ==== =======
Investment securities available for sale averaged $17.5 million and $11.5
million for the six months ended June 30, 1997 and 1996, respectively.
Interest income as of June 30, 1997 and 1996 for securities available for
sale was $531,000 and $334,000, respectively, which resulted in an effective
yield of 6.14% and 5.82%.
Investment Securities Held to Maturity
The Corporation has no investment securities classified in the held to
maturity category.
Federal Funds Sold
Federal funds sold averaged $2.1 million and $2.3 million for the six month
periods ended June 30, 1997 and 1996, respectively. Income on these
short-term assets as of June 30, 1997 and 1996 was $61,000 and $61,000,
respectively, which resulted in an effective yield of 5.72% and 5.33%.
9
DEARBORN BANCORP, INC.
FORM 10-Q (continued)
Liabilities and Interest Expense
The following is a summary of the distribution of deposits (in thousands):
06/30/97 12/31/96 06/30/96
-------- -------- --------
Non-interest bearing:
Demand $ 9,711 $ 7,583 $ 8,276
======= ======= =======
Interest bearing:
Checking $ 738 $ 977 $ 735
Money market 5,487 5,977 3,777
Savings 1,375 1,240 1,227
Time, under $100,000 24,672 19,048 13,350
Time, $100,000 and over 17,090 12,638 11,615
------- ------- -------
$49,362 $39,880 $30,704
======= ======= =======
Average total deposits and average interest bearing deposits for the six
month period ended June 30, 1997 amounted to $54.5 million and $47.1 million,
respectively. In comparison, average total deposits and average interest
bearing deposits for the six month period ended June 30, 1996 were $32.9
million and $27.5 million, respectively. Total interest expense for deposits
was $1,268,000 for the six month period ended June 30, 1997, resulting in an
effective interest rate of 4.65% on total deposits and 5.42% on interest
bearing deposits. In comparison, total interest expense for deposits was
$706,000 for the six month period ended June 30, 1996, resulting in an
effective yield of 4.29% on total deposits and 5.16% on interest bearing
deposits.
For the six month periods ended June 30, 1997 and 1996:
Non-interest bearing deposits had an average balance of $7.4 million
and $5.5 million, respectively.
Average interest bearing checking deposits were $0.9 million and $0.8
million, respectively, with associated interest expense of $8,000 and
$7,000 resulting in an effective interest rate of 1.87% and 1.86%.
Average money market deposits were $7.3 million and $5.5 million,
respectively, with associated interest expense of $151,000 and
$118,000 resulting in an effective interest rate of 4.11% and 4.24%.
10
DEARBORN BANCORP, INC.
FORM 10-Q (continued)
Average savings deposits were $1.3 million and $1.2 million,
respectively, with associated interest expense of $16,000 and $15,000
resulting in an effective interest rate of 2.50% and 2.50%.
Interest bearing time deposits had an average balance of $37.6
million and $20.0 million, respectively, with associated interest
expense of $1,092,000 and $566,000 which resulted in an effective
interest rate of 5.81% and 5.68%.
Average interest bearing other liabilities consisted of mortgage indebtedness
and federal funds purchased for the six month periods ended June 30, 1997 and
1996. The average balance was $550,000 and $552,000, respectively, with
associated interest expense of $21,000 and $22,000 resulting in an effective
interest rate of 7.75% and 7.75%.
Non-Interest Income
Total non-interest income for the three month periods ended June 30, 1997 and
1996 amounted to $70,000 and $57,000, respectively. For the six month periods
ended June 30, 1997 and 1996, non-interest income totaled $142,000 and
$126,000, respectively. The primary component of non-interest income
consisted of gain on the sale of residential mortgages in the amount of
$34,000 and $68,000 for the three and six month periods ended June 30, 1997,
respectively.
Non-Interest Expenses
Total non-interest expenses for the three month periods ended June 30, 1997
and 1996 amounted to $521,000 and $420,000, respectively. For the six month
periods ended June 30, 1997 and 1996, non-interest expenses amounted to
$1,001,000 and $883,000, respectively. The largest component of non-interest
expenses consisted of salaries and employee benefits. For the six month
period ended June 30, 1997 the number of full time equivalent employees was
26, resulting in a salaries and employee benefits expense of $590,000. For
the six month period ended June 30, 1996, the number of full time equivalent
employees was 24, resulting in a salaries and employee benefits expense of
$554,000.
11
DEARBORN BANCORP, INC.
FORM 10-Q (continued)
Rate Sensitivity Analysis / Gap Analysis
The relationship between earning assets and liabilities considered to be
interest rate sensitive within given maturity ranges is called the asset or
liability funding gap depending on whether such earning assets exceed or are
exceeded by interest sensitive liabilities. As of June 30, 1997, total
earning assets exceeded interest bearing liabilities by $14.1 million. The
excess was funded by non-interest bearing demand deposits and stockholders'
equity. The Rate Sensitivity Analysis / Gap Analysis as of June 30, 1997 is
presented in the following table.
Interest Rate Sensitivity Period
----------------------------------------------------------
1-90 91-365 1-5 Over
Days Days Years 5 Years Total
----------- ---------- ---------------------- ------------
Earning assets
Federal funds sold $ 1,300 $ -- $ -- $ -- $ 1,300
Mortgage loans held for sale 61 -- -- -- 61
Securities available for sale 1,000 999 17,480 -- 19,479
Total loans, net of
non-accrual 11,275 6,358 24,712 786 43,131
-------- -------- -------- -------- --------
Total earning assets 13,636 7,357 42,192 786 63,971
Interest bearing liabilities
Total interest bearing 12,744 20,688 15,930 -- 49,362
deposits
Mortgage payable -- -- -- 545 545
-------- -------- -------- -------- --------
Total interest bearing liabilities 12,744 20,688 15,930 545 49,907
Net asset (liability) funding gap 892 (13,331) 26,262 241 $ 14,064
-------- -------- -------- -------- ========
Cumulative net asset (liability)
funding gap $ 892 $(12,439) $ 13,823 $ 14,064
======== ======== ======== ========
This table presents earning assets and interest bearing liabilities by
maturity or the earliest repricing opportunities. Non-maturity interest
bearing deposits are distributed across a basic gap schedule as proposed by
FFIEC Financial Institutions Letter 65-93, dated September 20, 1993.
12
DEARBORN BANCORP, INC.
FORM 10-Q (continued)
LIQUIDITY
The Corporation maintains a liquid position. As of June 30, 1997, the
Corporation had $1.3 million in federal funds sold and securities classified
as available for sale of $19.5 million. Those securities with maturities
within one year totaled $2.0 million. Loan repayments provide another source
of liquidity. The Corporation is continuing to build a stable customer base
of core deposits and has proven the ability to attract deposits within the
Corporation's market area. The liquidity of the Corporation and its
subsidiary provides flexibility to meet credit-worthy loan requests and
deposit fluctuations.
CAPITAL
The Corporation maintains a strong capital base. Consolidated stockholders'
equity totaled $8.4 million as of June 30, 1997. Primary capital for the
Corporation, consisting of stockholders' equity and the allowance for
possible loan losses, totaled $8.9 million. Primary capital to total assets
was 13.0%.
The following is a presentation of the Corporation's regulatory capital
ratios:
Minimum
Regulatory
06/30/97 06/30/96 Guidelines
-------- -------- ----------
Risk-Based Capital Ratios
Tier 1 Capital 19.90% 21.30% 4.00%
Total Capital 20.92% 22.32% 8.00%
Leverage Ratio 12.56% 12.60% 4.00%
The Federal Deposit Insurance Corporation Improvement Act of 1991 established
five capital tiers for banks. Pursuant to that statute the federal bank
regulatory agencies have defined the five capital tiers for banks. Under
these regulations, a bank is defined to be well capitalized, the highest
tier, if it maintains a Tier 1 Capital ratio of at least 6 percent, a Total
Capital ratio of at least 10 percent and a Leverage Ratio of at least 5
percent. Based on the regulatory ratios at June 30, 1997, the Corporation is
well capitalized.
13
DEARBORN BANCORP, INC.
FORM 10-Q (continued)
PART 2 - OTHER INFORMATION
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
The Corporation held its regular annual meeting of stockholders on
May 20, 1997. At this meeting, an election was held for four
directors, to serve three year terms expiring in 2000. The voting
results for each nominee were as follows:
Nominee Total For Total Withheld
------- --------- --------------
David Himick 755,697 None
William E. Kreger 755,807 None
Jeffrey G. Longstreth 756,307 None
Michael J. Ross 756,307 None
In addition, the stockholders were asked to approve two proposals.
A proposal to amend the articles of incorporation to increase the
number of authorized shares of common stock from 1,000,000 to
3,000,000 shares was approved as follows:
voted yes 738,200; voted no 13,566; abstained 7,500.
A proposal to amend the 1994 stock option plan to (a) make available
an additional 100,000 shares of common stock for issuance and to (b)
eliminate the provision in the plan which provides that no person may
be granted more than 10% of the number of shares available for
issuance during the aggregate term of the plan was approved as
follows:
voted yes 696,343; voted no 26,277; abstained 10,411.
ITEM 6. EXHIBITS AND REPORTS IN FORM 8-K.
(a)(1) Financial Statements:
The following consolidated financial statements of Dearborn Bancorp,
Inc. and its subsidiary included in this report are:
Consolidated Balance Sheets - June 30, 1997, December 31, 1996 and
June 30, 1996
Consolidated Statements of Operations - For the Three and Six Months
Ended June 30, 1997 and 1996
Consolidated Statements of Cash Flows - For the Six Months Ended June
30, 1997 and 1996
Notes to Consolidated Financial Statements
14
DEARBORN BANCORP, INC.
FORM 10-Q (continued)
(a)(2) Exhibits
The Exhibits below are filed as Exhibits to the Registration Statement
of the Registrant on Form S-18 (Registration Number 33-55808) are
incorporated herein by reference.
(3)(a) Articles of Incorporation of Registrant,
As Amended Exhibit I
(10)(b) 1994 Stock Option Plan, As Amended Exhibit II
(b) A Form 8-K Report was not filed during the three months ended
June 30, 1997.
15
DEARBORN BANCORP, INC.
FORM 10-Q (continued)
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 thereunto duly authorized.
Dearborn Bancorp, Inc.
(Registrant)
/s/ John E. Demmer
------------------------
John E. Demmer
Chairman and Chief Executive Officer
/s/ Donald G. Karcher
-------------------------
Donald G. Karcher
Treasurer and Chief Financial Officer
Date: August 1, 1997