Abigail Adams National Bancorp, Inc. serves as the holding company of its two wholly owned bank subsidiaries, The Adams National Bank (ANB) and Consolidated Bank and Trust Company (CBT) (collectively, the Banks). The Banks are community-oriented financial institutions offering a full range of banking services to their customers. The Banks attract deposits from the general public and historically have used such deposits, together with other funds to provide a broad level of commercial and retail banking services in Washington, D.C., Richmond, Hampton and the surrounding communities. ANB has six full-service offices located in Washington, D.C. and Maryland. CBT, which was acquired by the Company on July 29, 2005, serves the Richmond and Hampton, Virginia market areas through three full service offices. The services offered by the Banks can be broadly characterized as being commercial or retail in nature. Commercial services offered by the Banks include offering a variety of commercial real estate and commercial business loans, cash management services, letters of credit and collateralized repurchase agreements. Commercial business loans are typically made on a secured basis to corporations, partnerships and individual businesses. To a lesser extent, the Banks offer consumer loans to their retail customers. The Banks' retail banking services also include a variety of deposit account products, including transaction accounts, money market accounts, certificates of deposit and Individual Retirement Accounts. The Banks use funds they have on hand, as well as borrowings, in order to fund their lending and investment activities. The Banks have automated teller machine access to the STAR, AMEX, PLUS and CIRRUS systems. The Banks offer their customers traditional online banking services and 24-hour telephone banking. Lending Activities The Banks provide a range of commercial business loans, including lines of credit for working capital purposes and term loans for the acquisition of equipment and other purposes. In most cases, the Banks have collateralized these loans and/or taken personal guarantees to help assure repayment. The Banks also offer United States Small Business Administration (SBA) guaranteed loans, which provide better terms and more flexible repayment schedules than conventional financing. Commercial business loans accounted for 16% of total loans for the year ended December 31, 2005. At December 31, 2005, the Banks' real estate loan portfolio consisted of commercial real estate mortgages totaling $124.6 million, and residential real estate mortgages totaling $48.5 million. The majority of the $33.8 million in construction and land development loans at December 31, 2005 are primarily for construction and renovation of commercial real estate properties. Real estate loans accounted for 83.2% of total loans for the year ended December 31, 2005. The Banks' consumer lending includes loans for motor vehicles, and small personal credit lines. Consumer loans generally involve more risk than residential real estate mortgage and commercial real estate loans. Consumer loans accounted for 0.8% of total loans for the year ended December 31, 2005. Investment Activities The Banks' investment portfolio consists of obligations of United States Government sponsored agencies and corporations, United States Treasuries, mortgage-backed securities, corporate securities, and marketable equity securities. At December 31, 2005, investments securities totaled $70.1 million of which $52.6 million were classified as available for sale. Total investment securities classified as held to maturity were $17.5 million at December 31, 2005. Sources of Funds The Banks offer a variety of deposit accounts with a range of interest rates and terms. The Banks' deposits totaled $292 million at December 31, 2005. Demand deposits totaled $78.8 million and comprised 27% of total deposits. Savings, negotiable order of withdrawal (NOW), and money market accounts totaled $134.3 million and comprised 46% of total deposits. Certificates o

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