EXHIBIT (a)(3)

NEWS RELEASE

FOR RELEASE FRIDAY, FEBRUARY 25, 2005   3:00 P.M. (CENTRAL)

                                                     INVESTOR AND MEDIA CONTACT:
                                                                  Thomas J. Bare
                                                                   (920)684-6611

FIRST MANITOWOC BANCORP, INC. (OTC BB: FWBW.OB)


                     FIRST MANITOWOC BANCORP "GOING PRIVATE"
                                TO DECREASE COSTS


         First Manitowoc Bancorp, Inc. ("FMB") today announced it would join
numerous other bank holding companies by "going private" to eliminate annual
expenses for compliance with the Sarbanes-Oxley Act of 2002 and reporting under
the Securities Exchange Act of 1934. Mr. Thomas J. Bare, President,
stated..."The expenses related to Sarbanes-Oxley compliance and securities
exchange reporting exceeded $600,000 last year and are projected to be in excess
of $300,000 per annum in the future. Since we and our subsidiary, First National
Bank in Manitowoc, are already regulated and subject to examination by the
Federal Reserve, the Office of the Comptroller of the Currency, and the Federal
Deposit Insurance Corporation, our shareholders gain very little from the
amounts we are forced to spend on Sarbanes-Oxley and Exchange Act compliance and
reporting. Eliminating these expenses will leave more capital to be put to use
for the benefit of our shareholders."

         The "going private" transaction is designed to reduce the number of
shareholders sufficiently to permit FMB to terminate its registration with the
Securities and Exchange Commission. FMB will accomplish the transaction by
merging FMB into a wholly-owned subsidiary created solely for that purpose. The
FMB board of directors has set February 25, 2005 as the record date for the
transaction. All shareholders owning 1,000 or more shares of




         FMB stock as of that date will have their existing shares exchanged for
the same number of newly issued shares in the merged company. FMB shareholders
who own fewer than 1,000 shares as of the record date will have their FMB shares
redeemed for cash. It is anticipated that the merger will result in less than 3%
of FMB's total outstanding shares being redeemed for cash; however, those
redemptions will reduce the number of shareholders sufficiently to allow FMB to
deregister its shares and eliminate Sarbanes-Oxley compliance and Securities
Exchange Act reporting expenses. Shares of the merged company will be subject to
certain transfer restrictions, designed to prevent the number of shareholders
from increasing in the future to the point where Sarbanes-Oxley compliance
and/or Securities Exchange Act reporting might again become necessary.

         The cash redemption price is expected to be at or near $19.50 per
share. The price will be finally determined by the board of directors and may
increase or decrease based on an appraisal update completed prior to the mailing
of merger information to shareholders. Mr. Bare said the Board was pleased the
redemption price would give shareholders a premium over FMB's recent trading
price without added brokerage costs or transaction fees, particularly for any
cash recipients who might have preferred to remain as shareholders.

         The Board of Directors has also approved payment of FMB's normal
quarterly dividend prior to completion of the merger. The dividend will be 6.5
cents per share, payable on March 4, 2005, to shareholders of record on February
23, 2005.

         First Manitowoc Bancorp, Inc. is the bank holding company of First
National Bank in Manitowoc, a locally owned independent community bank with 14
offices throughout Manitowoc, Brown, Sheboygan and Calumet counties. There will
be no changes in any of the officers, directors, or employees, or in the
operations of First National Bank in Manitowoc, as a




result of the merger. It is anticipated that the merger will be completed in
April, 2005. Total assets of First National Bank in Manitowoc exceed $628
million.