The Board of Directors of Monroe Bancorp (NASDAQ:MROE) authorized the payment of a quarterly dividend of $0.12 per share to shareholders of record on June 17, 2003, payable on June 30, 2003. This is unchanged from the second quarter of 2002.

Monroe Bancorp is an independently owned bank-holding company headquartered in Bloomington, Indiana, with assets over $600 million and with Monroe Bank as its wholly owned subsidiary. Established in 1892, Monroe Bank offers a full range of financial, trust and investment services through banking centers located in Monroe, Lawrence, Jackson and Hendricks counties in Indiana. The Bank serves more than 20,000 retail and commercial customers. Monroe Bancorp stock is traded on the NASDAQ National Market System under the ticker symbol MROE.