BANK OF EVANSVILLE POSTS ANNUAL RESULTS

Assets Grow 33% to $128.9 Million at End of 2003
Annual Profit Increases 154% Over Previous Year
Earnings Per Share up from $0.10 to $0.22 for Twelve Months

Evansville, Indiana, February 23, 2004 - Bank of Evansville, N.A. (OTCBB: BEVN)
posted its second year of net earnings increase, driven by a 33 percent growth in assets during 2003, according to Thomas L. Austerman, President and Chief Executive Officer. The 2003 net income of $301,694, compared to the 2002 net income of $118,509, represents a $183,185 or 154.6 percent improvement in net earnings. Fully diluted earnings per share were $0.22 during 2003 compared to the $0.10 earned during 2002. The average fully diluted shares outstanding increased 17.8 percent to 1,384,282 in 2003 from 1,175,104 in 2002 due to the shareholder rights offering completed during the second quarter of 2003.

Austerman said, "Evansville is a great place to live and work. Our Bank's success in growing assets and revenue has been driven by the strong Evansville client base we have had the opportunity to work with during our first two and a half years of banking." Austerman went on to say, "Delivering prompt, courteous, personalized service with the sense of importance our clients deserve have been the keys to our success in increasing profitability and expanding growth." Austerman added, "I cannot say enough good things about our people and our clients. Together, they have made our Bank's progress possible."

For the year ending December 31, 2003, the Bank's total assets were $128,952,753, an increase of $31,971,490 or 33 percent for the year. Loans, net of the allowance for loan losses of $1,498,500, increased $22,746,470 or 30.5 percent over the year ending 2002. Securities available for sale, at fair market value, were up $6,858,040 or 87.6 percent, increasing from $7,827,456 to $14,685,496 during the twelve-month period ending December 31, 2003. Total deposits at December 31, 2003, were $115,506,504, increasing $28,369,815 or 32.6 percent compared to December 31, 2002.

Net interest income totaled $3,044,011 for the year, up $529,442 or 21.1 percent over the $2,514,569 earned during 2002. The $625,688 in total Non-Interest Income earned in 2003 was driven largely by the $393,349 earned through the Bank's mortgage banking activities. Total Non-Interest Income was up some $361,279 or 136.6 percent. Non-Interest Expenses were $3,016,505 for the same period, compared to $2,252,969 in 2002. Austerman said, "The 33.9 percent increase in the operating expense level was attributable to infrastructure growth, including five new staff additions, associated with the Bank's rapidly growing asset and revenue base."

Stephen C. Byelick, Jr., Chief Financial Officer, said, "We continue to benchmark our performance against other new banks chartered in 2001. Year-end data is not available yet, but third quarter results indicate we continue to operate favorably compared to the other 125 banks that opened the same year we did."

Michael S. Sutton, Executive Vice President and Chief Lending Officer, said, "We were able to achieve a good increase in net earnings and still build our reserve for loan losses by some $351,500, to $1,498,500, during 2003." Sutton indicated, "Our reserves, as a percentage of loans, stood at 1.52 percent at the end of the year." He continued, "Our asset quality continues to be solid and compares favorably to our peer group of commercial banks."

The Bank completed a Shareholder Rights Stock Offering during the year that, when added to net earnings and increases in market value of securities, caused capital to increase $3,715,417 or 39.8 percent to $13,180,875. The net number of shares outstanding increased 335,334 to 1,499,042. Chairman of the Board, Albert J. Umbach, Jr., said, "We thought it was a good idea to secure additional capital to sustain our substantial growth." Umbach added, "Our current capital level will allow us to grow to approximately $165,000,000 in assets. If current growth trends continue, it is possible we will meet that limit sometime in 2005."

Bank of Evansville, N.A. is a nationally chartered commercial bank that opened its doors for business on July 2, 2001. The Bank's common stock now trades over the counter (OTCBB) under the symbol BEVN.

This news release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Act of 1995. Such statements are based on management's current expectations and are subject to a number of risk factors and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. A partial list of these risk factors and uncertainties is contained in the Bank's Registration Statement on Form SB2 and the Bank's Annual Report on Form 10K-SB for the year ended December 31, 2002, which are on file with the Office of the Comptroller of the Currency.

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