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Annapolis Bancorp Declares 4-For-3 Stock Split

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sweetpepperjam Member Level  Monday, 07/23/01 10:56:31 PM
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Annapolis Bancorp Declares 4-For-3 Stock Split
ANNAPOLIS, Md.--(BUSINESS WIRE)--July 20, 2001--The Board of Directors of Annapolis Bancorp, Inc. (NASDAQ:ANNB - news) today announced a four-for-three stock split in the form of a stock dividend.

Shareholders of record on August 3, 2001 will receive one additional share of Annapolis Bancorp, Inc. common stock for every three shares they own. There are presently 2,240,556 shares of Annapolis Bancorp, Inc. common stock outstanding.

The stock dividend will be payable on August 24, 2001, at which time new shares will be distributed by the company's transfer agent, Registrar and Transfer Company. No fractional shares will be issued in connection with the stock dividend.

``This stock dividend demonstrates our continuing confidence in the company's financial performance,'' said Richard M. Lerner, Chairman and Chief Executive Officer of Annapolis Bancorp, Inc. ``This move should help improve market liquidity and broaden ownership of the company's stock.'' Lerner added that the stock dividend declared today is in lieu of a cash dividend for the second quarter.

Annapolis Bancorp, Inc. is the parent company of BankAnnapolis, which serves the banking needs of small businesses, professional concerns, and individuals through five community banking offices located in Anne Arundel and Queen Anne's counties in Maryland.

In March of this year, the company moved into a new wholly owned four-story headquarters building located at 1000 Bestgate Road in Annapolis, directly across from the Annapolis Mall.

``Safe Harbor'' statement under the Private Securities Litigation Reform Act of 1995: Except for historical information, all of the statements, expectations and assumptions contained in the foregoing are forward-looking statements that involve a number of risks and uncertainties.

Although the Corporation has used its best efforts to be accurate in making these forward-looking statements, it is possible that the assumptions made by management may not materialize.


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Contact:

Annapolis Bancorp, Inc., Annapolis
Richard M. Lerner, 410/224-4455


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