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James Monroe Bank Reports Continued Growth in Assets and Nine-Months Earnings/New Annandale Branch.

ARLINGTON, Va.--(BUSINESS WIRE)--Oct. 14, 1999--

James Monroe Bank reported third-quarter net income of $63,660 compared with second-quarter earnings of $36,839.

For the nine-month period ending September 30, the Bank earned $66,266. During the third-quarter the Bank expensed $18,320 of costs incurred in connection with the formation of James Monroe Bancorp Inc., holding company of the bank.

John Maxwell, President & CEO, stated that "Excluding these one-time costs, the Bank would have earned $81,980 for the quarter and $84,585 for the nine-month period. This would represent a Return on Average Assets of .73% and .31%, respectively."

At September 30 assets rose to $48,060,000, deposits increased to $41,428,000 and loans outstanding were $27,133,000. Mr. Maxwell added, "We continue to exceed all our initial expectations by a significant margin and our earnings continue to improve each month. Our new Annandale branch is now under construction and should open in December. We believe that this new branch will give another boost to the growth of James Monroe Bank."

James Monroe Bank opened for business on June 8, 1998, at 3033 Wilson Blvd. in Arlington. The Bank will open its first full-service branch at 7023 Little River Turnpike, Annandale, in December. Kathleen Ford, a long time resident of Annandale and former Crestar banker in Annandale will manage the new branch.

David Pijor, Chairman of James Monroe Bank, also noted, "Our record of exceptional growth and profitability has enabled James Monroe Bank to begin expanding into new markets. We are looking forward to serving the Annandale and Springfield communities at our new branch.

James Monroe Bank is a full-service community commercial bank serving northern Virginia. James Monroe Bank is a wholly owned subsidiary of James Monroe Bancorp Inc. effective July 1, 1999. -0-

 Financial Highlights
 James Monroe Bank

------------------- ---------------- ---------------- ----------------
 Dec. 31 Sept. 30
 1998(a) 1999 Increase
------------------- ---------------- ---------------- ----------------
Total Assets $ 23,509,000 $ 48,060,000 104%

Total Loans 12,769,000 27,133,000 113%
 Allowance for
 Loan Losses 132,000 311,000 136%

Total Deposits 16,781,000 41,428,000 147%

Total Capital 6,659,000 6,648,000 0%

Net Income (452,000) 66,266

Net Interest Margin 5.09% 5.28%

Allowance for
 Loan Losses To
 Total Loans 1.03% 1.15%

Equity to Assets 28% 14%

(a)Seven month period ending Dec. 31, 1998
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Publication:Business Wire
Date:Oct 14, 1999
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