Manitowoc, Wisconsin - First Manitowoc Bancorp, Inc. (OTC: FMWC), the parent company of First National Bank in Manitowoc, held its annual shareholders’ meeting at the Best Western Lakefront Hotel. At the meeting, the shareholders elected directors John M. Jagemann, Daniel J. Lalko, John M. Webster and Robert S. Weinert for three year terms expiring in 2010.

Thomas J. Bare, President, reported on the important changes made to the infrastructure of the Bank including the enhancement of credit and treasury management departments. Bare stated, “We now have an excellent human infrastructure and are poised and ready for significant growth and profitability.” Bare also applauded the 27 employees for their commitment who have or will be celebrating their 25th anniversary at the Bank this year.

In June, 2005, the company reduced the number of shareholders to 270 and deregistered with the Securities and Exchange Commission. The company currently has 322 shareholders including brokers. There is no set minimum number of shares required to purchase First Manitowoc Bancorp stock, although the company encourages shareholders to hold their stock with a broker to avoid adding new shareholders.

Lisa O’Neill, Chief Financial Officer, presented the 2006 financial overview for First Manitowoc Bancorp, Inc. She reported net income for the Company was $6.9 million up 1 percent from $6.8 million in 2005. The increase in net income from 2005 to 2006 was primarily attributable to growth in interest earning assets, growth in non-interest income and improvements in the quality of our loan portfolio. Return on average equity was 10.30% and return on average assets was 1.03% for the year ended December 31, 2006.

Total assets increased by 4.5% or $30 million to $688 million at December 31, 2006, from $658 million as of 2005. The compounded annual growth rate for total assets since 2002 is 5 percent. Total deposits were $508 million at December 31, 2006 up $42 million or 9 percent from 2005. Total deposits have grown at a compounded growth rate of 5 percent since 2002.

The Company exceeded all regulatory thresholds for being a well-capitalized institution for all periods presented. O’Neill added that the current stock price trends indicate that it is a good time to buy First Manitowoc Bancorp (OTC: FMWC) stock. The Company’s share price as a percentage of earnings per share, was a 16 times multiple at December 31, 2006.

George V. Reis reported the George V. Reis Investment Group, Inc., currently manages assets in excess of $52 million, a 17% increase from April 1, 2006. Reis also spoke about the services his organization provides.

Southern Region President Mike Molepske reported on the progress First National Bank has made in the Sheboygan market. Molepske stated, “A strong team has been assembled, which so far has generated more than $10 million in new trust relationships and grew non-interest bearing checking balances by more than $8 million.” They have garnered more than $16 million in total deposits, closed over $90 million in new loans with loan balances of nearly $55 million, and moved more than 80 business banking relationships to First National Bank. A color illustration of the new office, which will be located on Kohler Memorial Drive in Sheboygan, was presented to the shareholders. Opening of that office is scheduled for December 1, 2007.

First National Bank is an independent community bank, in business since 1894, with fifteen locations throughout Manitowoc, Brown, Calumet, and Sheboygan counties. The bank employs approximately 215 people. Total assets exceed $688 million dollars. To learn more about First National Bank visit www.bankfirstnational.com.

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