Exhibit 99.1
News Release
FOR IMMEDIATE RELEASE
YAEGER ANNOUNCES RETIREMENT; YEOMAN NAMED PRESIDENT & CEO OF
UNIONBANCORP, INC.
OTTAWA, IL, June 20, 2005- Dennis J. McDonnell, Chairman of the Board of
UnionBancorp, Inc. (Nasdaq: UBCD), has announced that the Board of Directors
appointed Scott A. Yeoman as President & CEO of the Company at their regularly
scheduled June 16, 2005 Board meeting. Yeoman will succeed current President &
CEO, Dewey R. Yaeger, who recently announced his upcoming retirement. Yaeger
also resigned from all other directorships he held with the Company and its
subsidiaries, but will remain in an officer capacity as Head of Corporate
Development through year-end 2005.
"The Board is truly grateful for the leadership and guidance Dewey has given to
the current management team," remarked McDonnell on the news. "Under his
direction, asset quality issues were successfully addressed, our market area
redefined and a new, more measurable system of performance and accountabilities
established. We now have the infrastructure in place to focus on increasing
revenue." He went on say, "Scott is an energetic, forward-thinking professional
with a proven track record of improving performance. Our Board is confident that
Scott can build on the momentum this team has established."
On his retirement, Yaeger noted, "The past two years have been challenging and
the initiatives we undertook, though necessary, were also very aggressive. It
has been a personal and professional pleasure to develop this talented
management team and observe their dramatic progress in a relatively short time
frame. UnionBank is now positioned to sustain its improving profit and growth
trends, and Scott Yeoman has the knowledge and expertise to make that happen."
Yeoman, a native of Dakota, Illinois, joins the Company with over 20 years of
progressive commercial lending and management experience for organizations
including Continental Bank and Citicorp North America. Throughout his career,
Yeoman has served in various executive capacities, most recently as President &
CEO for Associated Bank Lakeshore in Manitowoc.
Active in both professional and civic organizations, Yeoman is currently a
member of the Board of Directors and the Chairman of the Finance Committee for
Silver Lake College and previously served on the Board of Directors for the
Capitol Civic Center in Manitowoc, Wisconsin. He holds a Bachelors of Business
Administration degree from the University of Iowa and an MBA from DePaul
University.
"I am very pleased to be joining a proud institution like UnionBank. I am really
looking forward to working together as a team to build on the strong foundations
the company has in its traditional markets and to identify and capitalize on new
growth opportunities. The current team has done some great work to position the
company for future success. From here we have the chance to refine our products,
services and internal processes and become a better company for our customers,
for our associates and from a financial performance standpoint," commented
Yeoman on his appointment. "In a business where the customer often thinks of the
product in terms of a fee, an interest rate or a payment amount, we have the
opportunity to differentiate ourselves through our people and the experience
they create for the customer. The fact that the company has been around since
1874 is a testament to the commitment and capabilities of UnionBank's people and
the support of the communities it serves. I am excited about becoming a part of
the team and a part of the UnionBank communities."
Yeoman will be residing in the Ottawa market area with his wife, Judy, and their
three children.
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About the Company
UnionBancorp, Inc. is a regional financial services company based in Ottawa,
Illinois, and devotes special attention to personal service and offers Bank,
Trust, Insurance and Investment services at each of its locations. The Company's
market area extends from the far Western suburbs of the Chicago metropolitan
area across Central and Northern Illinois.
UnionBancorp common stock is listed on The Nasdaq Stock Market under the symbol
"UBCD." Further information about UnionBancorp, Inc. can be found at the
Company's website at http://www.ubcd.com.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This release contains certain forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Act of 1934 as amended. The Company intends such forward-looking
statements to be covered by the safe harbor provisions for forward-looking
statements contained in the Private Securities Litigation Reform Act of 1995 and
is including this statement for purposes of these safe harbor provisions.
Forward-looking statements, which are based on certain assumptions and describe
future plans, strategies, and expectations of the Company, are generally
identified by the use of words such as "believe," "expect," "intend,"
"anticipate," "estimate," or "project" or similar expressions. The Company's
ability to predict results, or the actual effect of future plans or strategies,
is inherently uncertain. Factors which could have a material adverse effect on
the operations and future prospects of the Company and the subsidiaries include,
but are not limited to, changes in: interest rates; general economic conditions;
legislative/regulatory changes; monetary and fiscal policies of the U.S.
government, including policies of the U.S. Treasury and the Federal Reserve
Board; the quality and composition of the loan or securities portfolios; demand
for loan products; deposit flows; competition; demand for financial services in
the Company's market areas; the Company's implementation of new technologies;
the Company's ability to develop and maintain secure and reliable electronic
systems; and accounting principles, policies, and guidelines. These risks and
uncertainties should be considered in evaluating forward-looking statements and
undue reliance should not be placed on such statements.
Contact: Dennis J. McDonnell
Chairman of the Board
UnionBancorp, Inc.
Phone: (630) 684-8602
Facsimile: (630) 368-3977
E-mail: mcdonnelld@mcdmgmt.com
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