FOR IMMEDIATE RELEASE

FRIDAY, MARCH 19, 2001

SHOREBANK, CHICAGO, ILLINOIS/SHOREBANK, DETROIT, DETROIT MICHIGAN

Commissioner Approves Merger of ShoreBank, Detroit with and into ShoreBank

SPRINGFIELD, IL – March 19, 2001 -- Commissioner of the Illinois Office of Banks and Real Estate, William A. Darr, announced that on March 10, 2001 the agency approved the merger of ShoreBank, Detroit, Detroit, Michigan with and into ShoreBank, Chicago, Illinois. The resulting bank name will be ShoreBank and its main banking premises will be located at 7054 South Jeffery Boulevard, Chicago, Illinois.

The capital structure of the resulting bank includes 135,388 shares of capital stock, with a par value of $10.00, 12,500 shares of preferred stock, with a par value of $100.00 and a surplus of $51,242,000. The management of the resulting bank will be as follows: Anne Arvia (Executive Vice President and Chief Operating Officer), James Bringley (Senior Vice President, Real Estate Lending), Ellen Burzynski (President-Detroit Region), Gary Fishleigh (Senior Vice President-Operations), Leana Flowers (Senior Vice President-Human Resources), Ron Johnson (Senior Vice President-Retail Banking), Stephen Kerns (Senior Vice President-Marketing), David Oser (Senior Vice President-Investments), Jean Pogge (Senior Vice President-National Accounts), Leon Smith (Senior Vice President-Business Banking Services and Clyde White (Senior Vice President-Church & Community Relations).

The Illinois Office of Banks and Real Estate oversees state-chartered banks and thrifts, electronic funds transfer (EFT) networks, ATMs not owned by financial institutions, corporate fiduciaries, real estate brokers and salespersons, real estate appraisers, real estate companies, time-share/land sales, mortgage bankers, mortgage brokers, leasing agents, check printers, pawnbrokers, and auctioneers.