BLOOMINGTON, IN — Monroe Bancorp (NASDAQ:MROE) announced that its Board of Directors recently declared a quarterly dividend of $0.12 per share on the Company's Common Stock. The dividend is payable September 29, 2006 to shareholders of record on September 15, 2006. This quarterly dividend is unchanged from the $0.12 per share dividend paid in the second quarter of 2006.

Monroe Bancorp, headquartered in Bloomington, Indiana, is an Indiana bank holding company with assets over $725 million and with Monroe Bank as its wholly owned subsidiary. Monroe Bank was established in Bloomington in 1892 and offers a full range of financial, trust and investment services through its locations in Central and South Central Indiana. The Company's common stock is traded on the NASDAQ National Stock Market under the symbol MROE.