Monroe Title Insurance Corporation Declares Dividend And Announces First Half, 2004 Operating Results

August 13, 2004

Monroe Title Insurance Corporation (OTCBB: MTTL), announced a dividend of $ .05 per share, payable on August 19, 2004 to shareholders of record on August 12, 2004.

Monroe also announced today its first half, 2004 results. Revenues for the first six months of 2004 were $12.4 million and net income was $388,027 or $ .36 per share.

In making the announcement, Thomas P. Moonan, Monroe┬╣s President and Chief Executive Officer, noted "I am very pleased with the results for the first half of 2004. At the beginning of this year we were advised that interest rates would rise in 2004 and mortgage refinancing volumes would be off substantially. Mortgage rates did step up during the first half but then declined. Mortgage refinancing volumes declined but home equity lending and home purchase/sale transactions picked up. Overall, the real estate market in upstate New York remained healthy during this period and remains relatively strong during the summer months. Our employees responded very well to the change in mix of business and were responsible for this solid performance."

Monroe Title Insurance Corporation provides a full range of title insurance and abstract services throughout western, central and upstate New York.

Headquartered in Rochester, New York, the Company has 23 full service and subsidiary offices and a network of agents and examining counsel throughout the State.

Source: Monroe Title Insurance Corporation


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