125 home equity loan
Monroe Bancorp Reports 6.3 Percent Earnings Growth for the First ...
BLOOMINGTON, Ind., July 18 /PRNewswire-FirstCall/ -- Monroe Bancorp (the "Company"), (Nasdaq: MROE - News), the independent Bloomington-based holding company for Monroe Bank (the "Bank"), today reported net income of $3,714,000, or $0.56 per basic and diluted common share, for six months ended June 30, 2006, compared to $3,495,000 or $0.53 per basic and diluted common share for the same period in 2005. This represents a 6.3 percent increase in net income.
"I am very pleased with the growth of second quarter and year-to-date earnings considering the net interest margin challenges created by the flat yield curve and the expenses we have incurred opening and promoting our new Brownsburg Banking Center," said Mark D. Bradford, President and Chief Executive Officer.
Return on average assets (ROAA) and return on average shareholders' equity (ROAE) were 1.04 percent and 14.55 percent, respectively, for the first six months of 2006 compared to 1.09 percent and 14.56 percent, respectively, for the first six months of 2005.
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MLK appeals bankruptcy ruling
FREEPORT - Attorneys for Martin Luther King Jr. Community Services of Illinois are appealing an April bankruptcy court ruling that stripped MLKCSI of its interest in King Community Center headquarters on Liberty Avenue, saying the bankruptcy court's ruling contained errors.The appeal, pending in United States District Court, Northern District of Illinois, was filed by MLKCSI attorney Tom Laughlin on July 3. The appeal claims Northwestern Illinois Community Action Agency Head Start and Amity Society of Freeport, co-tenants at the King Community Center, were the cause of MLK's inability to repay debts after the two agencies assumed the building's $210,000 mortgage when MLKCSI fell behind in payments.A final decision on MLKCSI's bankruptcy petition is on hold pending MLKCSI's appeal of Judge Manuel Barbosa's order on ownership of the land trust.Bankruptcy attorneys representing Amity and Head Start said they will file a response by Aug.