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Dearborn Bancorp Announces NASDAQ Non-Compliance Notice

December 31, 2009 (FinancialWire) — Dearborn Bancorp, Inc. (NASDAQ: DEAR), the holding company for Fidelity Bank, said that on December 28, 2009, the company received written notice from the NASDAQ Stock Market (NASDAQ) notifying the company that it is currently not in compliance with NASDAQ requirement: Marketplace Rule 5450(b) (1) (C), which requires a minimum market value of publicly held shares “MVPHS” of $5,000,000.

In accordance with Marketplace Rule 5810(c) (3) (D), the company has 90 calendar days to regain compliance with the MVPHS Rule. NASDAQ will provide written notification to the company that it has achieved compliance with the MVPHS Rule if, at any time before March 29, 2010, the MVPHS of the company’s common stock closes at $5 million or higher for at least 10 consecutive trading days. If the company does not regain compliance with the MVPHS Rule by the required deadline, the company’s common stock will be subject to delisting from the NASDAQ Global Select Market.

The company previously reported its receipt on December 2, 2009, of written notice from NASDAQ indicating that the company is not in compliance with NASDAQ’s continued listing requirement under Marketplace Rule 5450(a) (1) which requires a minimum bid price for common stock of $1.00 per share.

Dearborn Bancorp, Inc. is a registered bank holding company. Its sole banking subsidiary is Fidelity Bank.

Free annual reports and company filings for companies mentioned in the news are available through the Investrend Information Syndicate (at Recently issued reports and filings include Weatherford International Ltd. (NYSE: WFT), UQM Technologies, Inc. (AMEX: UQM), Panhandle Oil and Gas, Inc. (NYSE: PHX), Encore acquisition Company (NYSE: EAC), Altius Minerals Corp. (TSX: ALS), PKC Group Oyj (PLUS: PKC1V) and Standard Life Investments European Private Equity Trust PLC (LSE: SEP) (PLUS: SEP).

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