ICBA Securities Capital Markets

Monthly ICBA Securities Capital Markets Update

Choose Update July 2008 June 2008 May 2008 April 2008 March 2008 February 2008 January 2008 December 2007 November 2007 October 2007 September 2007 August 2007 July 2007 June 2007 May 2007 April 2007 March 2007 February 2007 January 2007 December 2006 November 2006 October 2006 September 2006 August 2006 July 2006 June 2006 May 2006 April 2006 March 2006

Through its marketing agreement with Howe Barnes Hoefer & Arnett, Inc. (Howe Barnes), ICBA Securities is able to offer its financial institution customers a broad range of capital markets services. These services include, but are not limited to, the ones discussed below.

Investment Banking

Howe Barnes' Investment Banking staff assists publicly held and privately held financial institutions in raising funds through debt and equity offerings, merger and acquisition advice, valuation studies and fairness opinions.

• Debt and Equity Offerings - Funds can be raised through a public offering or private placement and can include a wide range of debt or equity alternatives.
  
• Valuation Studies and Fairness Opinions - Howe Barnes also conducts business valuations, and issues opinions assessing the fairness of transactions which can be used to determine values for various financial interests, including debt and equity holders.
  
• Merger and Acquisition Activity – Howe Barnes' Investment Banking staff can be a source for planning, negotiating, and implementing successful M&A programs through a professional study of the resources, and the short-term and long-term objectives of both the seller and prospective buyers.

Market-Making Activities

Howe Barnes commits its own capital to making principal markets for hundreds of banks and thrifts throughout the country. Its proprietary traders are continually searching for and adding dynamic community banking companies to the market making list. Howe Barnes has a unique philosophy of developing a complete relationship with its banking clients which allows them to significantly impact the trading in many stocks.
Howe Barnes market-making activities extend to non-SEC reporting companies on the NASDAQ, Bulletin Board and the Pink Sheets. Financial institutions which do not trade on an exchange have realized many benefits from using Howe Barnes as a market maker for their shares. These benefits include increased liquidity, assistance in executing stock buy backs, anonymity for selling shareholders and familiarity to the capital markets.

Research

The experienced bank research analysts at Howe Barnes utilize objective fundamental analysis to initiate and provide comprehensive coverage on community banks and thrifts. This coverage includes basic reports, earnings estimates and company updates. Research also conducts statistical compilations on hundreds of other financial institutions and prepares various industry studies which highlight ongoing trends in the bank and thrift sectors as a whole. A majority of the financial institutions followed by Howe Barnes' research analysts are traded on the NASDAQ National Market although some are closely held and traded in the "pink sheets" or on the Over The Counter bulletin board.

For more information on the services described above, contact your account representative or Jim Reber at (800) 422-6442.

Disclosure Notice regarding Howe Barnes Hoefer & Arnett, Inc :
ICBA Securities’ clearing broker, Vining Sparks, has a minority ownership interest in Howe Barnes Hoefer & Arnett, Inc. (“HBHA”). Further, ICBA Securities has an agreement with HBHA wherein ICBA Securities agrees to refer customers desiring certain investment banking and related capital markets services to HBHA. Under the terms of the agreement, ICBA Securities is compensated if the referred customer engages HBHA to render said services.