Abigail Adams National Bancorp, Inc. Announces Suspension of Quarterly Dividends

    WASHINGTON, Aug. 22 /EMWNews/ -- Abigail Adams National

Bancorp, Inc. (Nasdaq: AANB), a bank holding company with offices in

Washington DC, Maryland and Virginia, today announced that its Board of

Directors has voted to suspend regular quarterly dividends on its common

stock effective immediately.



    Abigail Adams National Bancorp, Inc.'s President and Chief Executive

Officer, Jeanne D. Hubbard, stated, "While the company reported a profit in

each of the first two quarters of 2008 and our affiliate banks remain above

regulatory requirements for being 'well capitalized' institutions, our

Board of Directors believes that the current economic conditions require

prudent management and conservation of capital at our affiliate level. This

decision was made with a focus on maintaining the long term shareholder

value that can be realized by continuing to have well capitalized and

profitable affiliates. Our Directors and Executive Officers, who own

approximately 20% of AANB's outstanding shares, realize that suspending the

dividend is a serious action, but we firmly believe that this action is

necessary and will be beneficial to the shareholders in the long term. The

company expects to resume the payment of dividends as economic conditions

improve."



    Abigail Adams National Bancorp is a two-bank holding company, majority

owned and operated by women. The Company is focused on serving the

financial needs of minorities, women, small to mid-sized businesses, and

not-for-profit organizations in the Washington, DC and Richmond, VA

metropolitan areas.



    Statements contained in this press release that are not historical

facts may constitute forward-looking statements (within the meaning of

Section 21E of the Securities and Exchange Act of 1934, as amended) which

involve significant risks and uncertainties. The Company intends such

forward-looking statements to be covered in the Private Securities

Litigation Reform Act of 1995, and is including this statement for purposes

of invoking these safe harbor provisions. The Company's ability to predict

results or the actual effect of future plans or strategies is inherently

uncertain and involves a number of risks and uncertainties, some of which

have been set forth in the Company's most recent annual reports on Form

10-K, which disclosures are incorporated by reference herein. The fact that

there are various risks and uncertainties should be considered in

evaluating forward-looking statements and undue reliance should not be

placed on such statements.