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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