Dearborn Bancorp, Inc. Completes Bank of Washtenaw Acquisition
October 29 2004 - 12:21PM
PR Newswire (US)
Dearborn Bancorp, Inc. Completes Bank of Washtenaw Acquisition
DEARBORN, Mich., Oct. 29 /PRNewswire-FirstCall/ -- Dearborn
Bancorp, Inc. (NASDAQ:DEAR), the holding company for Community Bank
of Dearborn, announced today that it has closed on its acquisition
of Bank of Washtenaw, a wholly owned bank subsidiary of Pavilion
Bancorp, Inc. (OTC:PVLN) (BULLETIN BOARD: PVLN) . Bank of
Washtenaw, which was founded in January 2001, has its main office
in Saline, Michigan and two offices in Ann Arbor, Michigan. As of
September 30, 2004, Bank of Washtenaw had total assets of $76.4
million, loans of $68.4 million and deposits of $64.8 million. The
definitive agreement for the transaction, valued at approximately
$15,000,000, was reached on July 16, 2004 and regulatory approvals
have been obtained. The consolidation of Bank of Washtenaw into the
Community Bank of Dearborn will be effective at the close of
business on October 29, 2004 and Bank of Washtenaw's three offices
will become branches of Community Bank of Dearborn. Dearborn
Bancorp, Inc., is a registered bank holding company. Its sole
subsidiary is Community Bank of Dearborn. The bank operates full
service offices in Dearborn, Dearborn Heights, Plymouth Township,
Canton Township, Clinton Township, Southgate, and Auburn Hills in
the State of Michigan. Dearborn Bancorp's common shares trade on
the Nasdaq National Market under the symbol DEAR. Forward-Looking
Statements This press release contains forward-looking statements
that are based on management's beliefs, assumptions, current
expectations, estimates and projections about the financial
services industry, the economy and about Dearborn Bancorp, Inc.
(the "Corporation"), and the banks. Words such as "anticipates,"
"believes," "estimates," "expects," "forecasts," "intends," "is
likely," "plans," "projects," variations of such words and similar
expressions are intended to identify such forward-looking
statements. These statements are not guarantees of future
performance and involve certain risks, uncertainties and
assumptions ("Future Factors") that are difficult to predict with
regard to timing, extent, likelihood and degree of occurrence.
Therefore, actual results and outcomes may materially differ from
what may be expressed or forecasted in such forward-looking
statements. The Corporation undertakes no obligation to update,
amend or clarify forward-looking statements, whether as a result of
new information, future events (whether anticipated or
unanticipated), or otherwise. Future Factors include changes in
interest rates and interest rate relationships; demand for products
and services; the degree of competition by traditional and
non-traditional competitors; changes in banking regulation; changes
in tax laws; changes in prices, levies and assessments; the impact
of technological advances; governmental and regulatory policy
changes; the outcomes of contingencies, trends in customer behavior
as well as their ability to repay loans; and changes in the
national and local economy. These are representative of the Future
Factors and could cause a difference between an ultimate actual
outcome and a preceding forward-looking statement. DATASOURCE:
Dearborn Bancorp, Inc. CONTACT: Michael J. Ross, President or
Jeffrey L. Karafa, CFO, of Dearborn Bancorp, Inc., +1-313-565-5700
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