Exhibit 99

Contacts:

Pelican Financial, Inc. - Howard Nathan – P:800 765-5562

Marcotte Financial Relations - Mike Marcotte – P:248 656-3873

Pelican Financial, Inc.
Reports Q2 Results	For Immediate Release

ANN, ARBOR, Mich., NAPLES, Fla., Aug. 5, 2005 — Pelican Financial, Inc. (AMEX: PFI), the holding company for Pelican National Bank, posted a net loss for the second quarter and first half of 2005, Charles C. Huffman, Chairman and CEO, reported today.

Pelican National Bank, headquartered in Naples, Fla., is a full-service community bank serving the consumer and commercial segments from six branch offices in Naples, Bonita Springs, Cape Coral,  Fort Myers, and San Carlos, Florida.

Operating Results

The Corporation posted a net loss of $218,000, or $0.05 per diluted share, for the second quarter of 2005, compared with a net loss of $71,000, or $0.02 per diluted share, for the second quarter of 2004. For the first half of 2005, the net loss was $544,000, or $0.12 per diluted share, compared with a year-earlier net loss of $232,000, or $0.05 per share.

Net interest income was off for both periods, chiefly reflecting modest loan growth and increased cost of funds, with the latter partially attributable to the planned withdrawal of approximately $50 million in noninterest-bearing deposits by former sister company Washtenaw Mortgage Company, last year.

Noninterest income was up in both reporting periods, most notably from higher bank service charges and fees. This positive trend reflects growth in customers and the successful expansion of the branch network.

The balance sheet saw continued growth. Compared with December 31, 2004, total assets rose 3% to $204,772,000; loans outstanding, net of allowance, grew 2% to $113,567,000; and deposits rose 7% to $150,146,000.

Mr. Huffman said, “We are building our business and franchise by recruiting new customers, increasing core deposits, and ramping-up commercial lending. However, higher operating costs, increased cost of funds, and razor-thin margins are hampering profitability.  We are also still experiencing loan refinancing run-off, which tends to camouflage our true loan growth. We remain optimistic about the markets that we are in and about our future in those markets.”

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Safe Harbor. This news release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based on management’s current expectations and are subject to risks and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. Among these risks are regional and national economic conditions, competitive and regulatory factors, legislative changes, mortgage-interest rates, cost and availability of borrowed funds, our ability to sell mortgages in the secondary market, and housing sales and values. These risks and uncertainties are contained in the Corporation’s filings with the Securities and Exchange Commission, available via EDGAR. The Company assumes no obligation to update forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such forward-looking statements.

(financial statements follow)

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PELICAN FINANCIAL, INC.

Consolidated Balance Sheets

	June 30, 2005			December 31, 2004
	(Unaudited)
ASSETS
Cash and cash equivalents
Cash and due from banks	$	857,136		$	2,831,621
Interest-bearing deposits	2,076,800			275,800
Federal funds sold	11,905,968			7,384,068
Total cash and cash equivalents	14,839,904			10,491,489
Securities available for sale	68,352,128			69,385,545
Federal Reserve & Federal Home Loan Bank Stock	2,489,900			2,669,700
Loans receivable, net	113,566,613			110,830,985
Other real estate owned	67,255			—
Premises and equipment, net	3,526,186			3,713,200
Other assets	1,929,536			1,724,659
	$	204,771,522		$	198,815,578
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Deposits
Noninterest-bearing	$	18,142,900		$	15,200,340
Interest-bearing	132,003,470			125,508,431
Total deposits	150,146,370			140,708,771
Federal Home Loan Bank borrowings	38,500,000			41,500,000
Other liabilities	431,553			319,057
Total liabilities	189,077,923			182,527,828
Shareholders’ equity
Preferred stock, 200,000 shares authorized; none outstanding	—			—
Common stock, $.01 par value 10,000,000 shares authorized; 4,494,365 outstanding at June 30, 2005 and December 31, 2004	44,943			44,943
Additional paid in capital	15,574,767			15,574,767
Retained earnings	388,687			932,726
Accumulated other comprehensive (loss), net of tax	(314,798		)	(264,686		)
Total shareholders’ equity	15,693,599			16,287,750
	$	204,771,522		$	198,815,578

PELICAN FINANCIAL, INC.

Consolidated Statements of Income and Comprehensive Income (Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2005			2004			2005			2004
Interest income
Loans, including fees	$	1,878,216		$	1,902,121		$	3,826,021		$	3,901,826
Investment securities, taxable	691,440			771,950			1,227,858			1,271,182
Federal funds sold and overnight accounts	64,244			82,288			135,934			171,828
Total interest income	2,633,900			2,756,359			5,189,813			5,344,836
Interest expense
Deposits	876,230			990,771			1,682,829			1,867,230
Other borrowings	377,328			162,814			734,637			325,856
Total interest expense	1,253,558			1,153,585			2,417,466			2,193,086
Net interest income	1,380,342			1,602,774			2,772,347			3,151,750
Provision for loan losses	—			—			—			75,000
Net interest income after provision for loan losses	1,380,342			1,602,774			2,772,347			3,076,750
Noninterest income
Gain on sales of securities, net	5,625			529			5,625			2,859
Service charges on deposit accounts	59,746			35,961			117,788			66,490
Gain on sale of loans, net	4,064			10,117			5,721			19,758
Net gain on foreclosed assets and other income	48,057			10,425			51,967			69,395
Total noninterest income	117,492			57,032			181,101			158,502
Noninterest expense
Compensation and employee benefits	903,333			929,236			1,778,149			1,866,910
Occupancy and equipment	374,712			316,393			753,478			587,199
Legal	39,734			57,825			107,571			107,450
Accounting and auditing	55,123			31,028			105,426			91,150
Data processing	74,236			43,430			147,478			91,632
Marketing and advertising	38,487			25,452			82,952			57,605
Loan and other real estate owned	100,440			78,360			166,985			201,639
Other noninterest expense	241,113			284,895			635,012			581,359
Total noninterest expense	1,827,178			1,766,619			3,777,051			3,584,944
Income (loss) before income taxes	(329,344		)	(106,813		)	(823,603		)	(349,692		)
Income tax expense (benefit)	(111,725		)	(35,596		)	(279,564		)	(118,051		)
Net Income (loss)	$	(217,619	)	$	(71,217	)	$	(544,039	)	$	(231,641	)
Basic earnings (loss) per share	$	(0.05	)	$	(0.02	)	$	(0.12	)	$	(0.05	)
Diluted earnings (loss) per share	$	(0.05	)	$	(0.02	)	$	(0.12	)	$	(0.05	)
Comprehensive income (loss)	$	119,083		$	(1,141,236	)	$	(594,151	)	$	(944,914	)