BLOOMINGTON, DECEMBER 16, 1999 — The Board of Directors
of Monroe Bancorp, the locally headquartered holding company
of Monroe Bank, is pleased to announce a 25 percent increase
in the Company's quarterly cash dividend to $0.10 per common
share. With this $0.10 fourth quarter dividend, the total
dividend for 1999 is $0.34, which is $0.02 (6.25%) greater
than the $0.32 per share dividend for 1998. The dividend
is payable December 31, 1999 to shareholders of record at
the close of business on December 16, 1999.
"We are nearing the end of a successful year of transition
and growth for Monroe Bank," said Mark D. Bradford,
the Company’s President and Chief Executive Officer. "The
dividend increase reflects our strong performance during
1999, and our Board's confidence in the Company’s future
earnings growth. It is also reflective of the Board's commitment
to share the Company's success over the past year with our
shareholders."
Among the accomplishments of the year:
- The completed renovation of the Main Office in October;
- The
launching of MCB·OnLine, the Bank's internet
banking product, which brings 24-hour banking convenience
to the
homes and offices of the Bank's customers;
- The continued
expansion into new products and services through (1) the
strategic alliance with Bill C. Brown Associates,
giving Monroe Bank customers access to life and other insurance
products directly at the Mall Road Banking Center, and
(2)
through the licensing of nearly twenty employees to sell
annuities and investment products; and,
The opening of
two new banking centers in area retirement centers.
As of September 30, 1999, Monroe Bancorp had assets of
$396 million, a 12.1 percent increase over the September
1998
total of $353.2 million. Net income for the nine months
ended September 30, 1999 was $3,535,000 or $0.58 per common
share.
This represents a 1% increase over the results for the
nine months ended September 30, 1998.
Monroe Bancorp, the holding company of Monroe Bank, is headquartered
in Bloomington, Indiana. Established in 1892, Monroe Bank
now has 14 locations in Monroe, Lawrence and Jackson Counties
and serves more than 18,000 retail and commercial customers.
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