PRESS RELEASE FOR IMMEDIATE RELEASE
MEDIA CONTACT: Sheli L. Fyock, Asst. Secretary/Marketing Officer
Irwin Bank & Trust Company
309 Main Street
Irwin, Pennsylvania 15642
Telephone: 724-978-2705
E-mail: sfyock@irwinbank.com
IBT BANCORP, INC. DEBUTS ON THE AMERICAN STOCK EXCHANGE
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IRWIN, Pa, April 1, 2003: IBT Bancorp, Inc., the holding company of Irwin Bank &
Trust Company, today announced its debut on the American Stock Exchange
(AMEX:IRW). President and CEO, Charles G. Urtin rang the opening bell to begin
the days trading at the Amex to commemorate the listing of the company's common
stock.
"We are very excited to be listed on the American Stock Exchange," said Mr.
Urtin. "With our stock trading on the Amex, we hope to have additional exposure
and performance related to our solid financial successes of recent quarters."
IBT Bancorp, Inc.'s net income for the three months ended December 31, 2002
increased $240,000 to $2,072,000, or $.70 per diluted earnings per share, from
$1,832,000, or $.61 per diluted earnings per share, for the comparable 2001
quarter. Net income for the year ended December 31, 2002 increased $1,472,000,
to $8,937,000, or $2.99 per diluted earnings per share, from $7,465,000, or
$2.49 per diluted earnings per share, for the comparable 2001 period.
Since December 31, 1998, fully diluted earnings per share has increased an
average of 11.8% per year, cash dividends have increased an average of 17% per
year and assets have grown an average 9% per year.
About IBT Bancorp, Inc.
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IBT Bancorp, Inc. is a Pennsylvania corporation headquartered in Irwin,
Pennsylvania, which provides a full range of commercial and retail banking
services through its wholly owned banking subsidiary, Irwin Bank & Trust
Company. The bank operates through its main office, five branch offices, a loan
center, and a trust office, as well as through five supermarket branches under
the name "Irwin Bank Extra" located in the Pennsylvania counties of Westmoreland
and Allegheny. For more information please visit www.myirwinbank.com.
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IBT Bancorp, Inc.
Press Release
Page 2
Statements contained in this news release which are not historical facts are
forward-looking statements as the term is defined in the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements are subject to
risks and uncertainties which could cause actual results to differ materially
from those currently anticipated due to a number of factors, which include, but
are not limited to, factors discussed in documents filed by the Company with the
Securities and Exchange Commission from time to time.