                                                                      EXHIBIT 99
                                                                      ----------


                ADMIRALTY BANCORP, INC. ANNOUNCES RECORD EARNINGS
                     WITH AN INCREASE IN NET INCOME OF 372%.

PALM BEACH GARDENS, FLORIDA, April 11, 2002 ... Admiralty Bancorp, Inc., (NASDAQ
NM: AAAB) parent company of Admiralty Bank, announced today its results for the
first quarter of 2002. Admiralty Bancorp, Inc. reported a record net profit of
$1,415,000, or $0.27 per share basic and $0.25 per share diluted, compared to a
profit of $300,000, or $0.07 per share basic and diluted in the first quarter of
2001.

At March 31, 2002, the Company's total assets reached $534.3 million, an
increase of 7.4% over total assets at December 31, 2001, and 45.7% over total
assets at March 31, 2001. The Company's net loans totaled $400.6 million, an
increase of 2.6% over net loans at December 31, 2001, and 53.5% over net loans
at March 31, 2001. The Company's deposits totaled $483.9 million, an increase of
7.7% over total deposits at December 31, 2001, and 49.2% over total deposits at
March 31, 2001.

Ward Kellogg President and CEO of Admiralty Bancorp, Inc. said, "We are
especially pleased to announce that our record level of earnings represent a
very solid core profitability with no gains from the sale of assets or
investments. To date, we have offered only traditional banking products and
services. We have an excellent opportunity to offer our customers additional fee
generating services such as trust or investment services which would further
improve our earnings in the future. During the past three years, while
maintaining a healthy profit, our main focus has been on growing our assets and
opening new offices. We now have ten offices from Fort Lauderdale to Orlando. We
have one class of stock and we have fully deployed our existing capital. We have
achieved the asset size where we can continue to provide superior personal
customer service at an efficiency level which also produces outstanding
profitability. Our earnings performance level is expected to continue during
2002 and is intended to reward our shareholders for investing in us and
patiently following our growth story. All ten of our offices are well
established and will continue making substantial contributions to our continued
growth and core profitability."

Admiralty Bank has been recognized in an industry publication as the "Fastest
Growing Bank in Florida". Over the past three calendar years, Admiralty has
experienced average annual growth rates of 103%, 95% and 83% for loans deposits
and assets, respectively. The same publication ranked Admiralty's stock
performance as the best in Florida among all bank and thrift stocks for the same
three years.

Also during 2001, the per share market price of the Company's stock increased
165% for the year, a performance that ranked #1 in the Southeastern United
States and #3 in the entire country for all publicly traded bank stocks,
according to published brokerage firm reports.

INTEREST AND DIVIDEND INCOME.
The Company's interest and dividend income increased $1,137,000, or 16.9%, to
$7,869,000 for the quarter ended March 31, 2002 from $6,732,000 for the same
period of 2001. This increase in interest income primarily relates to an
increase in the Company's average balance of earning assets, partially offset by
a lower yield on those interest earning assets. Average balances increased by
$153.4 million for loans, $13.2 million for investment securities (including
Federal Reserve Bank stock and FHLB stock) and $3.7 million for federal funds
sold. The average yield on the loan portfolio decreased to 7.1% in the first
quarter of 2002, compared to 9.4% in the first quarter of 2001. The average
<PAGE>
yield on federal funds sold decreased to 1.7% in the first quarter of 2002 from
5.6% for the same period in 2001. The average yield on investment securities,
including Federal Reserve Bank and FHLB stocks, decreased to 5.9% in the first
quarter 2002 from 6.9% in the first quarter of 2001. During the three months
ended March 31, 2002 the yield on the Company's interest earning assets
decreased to 6.6% from 8.8% during the three months ended March 31, 2001. All
decreases are due primarily to lower market interest rates.

INTEREST EXPENSE. The Company's interest expense for the first quarter of 2002
decreased $638,000, or 18.1%, to $2,884,000 from $3,522,000 for the same period
last year. The decrease in interest expense reflects a 52.9% increase in average
interest bearing liabilities at March 31, 2002, as compared to the same period
in 2001 offset by a lower cost of funds on those interest bearing liabilities.
Total average deposits increased $141.1 million in the first quarter of 2002 as
compared to the same period in 2001. While the growth in deposits between
periods is impressive, we also note the significant increase in core money
market accounts and non-interest bearing accounts. The average balance of
non-interest bearing demand deposits and money market deposits increased by
$29.8 million, and $56.5 million, respectively, in the first quarter of 2002 as
compared to the same period in 2001, with the average balance of non-interest
bearing demand deposits reaching $71.4 million for the three months ended March
31, 2002 from $41.6 million for the three months ended March 31, 2001. In
addition, the average balance of the Company's time deposits increased by $71.6
million, to $221.3 million for the three months ended March 31, 2002 from $149.7
million for the three months ended March 31, 2001. The Company's average cost of
deposits for the three months ended March 31, 2002, decreased to 2.5% from 4.8%
for the comparable period of 2001, primarily due to the lower rates of interest
on deposit accounts. The average balance of securities sold under agreement to
repurchase was $2.9 million, and the average balance of advances from the FHLB
was $1.0 million at average rates of 6.4% and 2.0% respectively, during the
three months ended March 31, 2002. In the quarter ended March 31, 2001 the
average balance of securities sold under agreement to repurchase was $5.9
million and the average of advances from the FHLB was $3.9 million, both at
average rates of 6.3%. The Company's average cost of funds for the three months
ended March 31, 2002, decreased to 2.5% from 4.8% in the comparable period of
2001.

NET INTEREST AND DIVIDEND INCOME. Net interest and dividend income for the three
months ended March 31, 2002, increased by $1,775,000, or 55.3%, over the same
period last year.

The Company's net interest spread increased 47 basis points to 3.63% for the
three months ended March 31, 2002, from 3.16% for the comparable period of 2001,
reflecting a greater decline in the Company's cost of interest paying
liabilities than the decline in its yield on earning assets.

PROVISION FOR LOAN LOSSES. The provision for loan losses decreased to $102,000
from $447,000 for the three months ended March 31, 2002, as compared to the same
period of 2001, reflecting the slower growth in the loan portfolio in the first
quarter of 2002 as well as management's view of the current state of the
economy. The Company's provision for loan losses maintained the reserve at a
level management believes appropriate in light of the Company's lending
activities, the quality of the loan portfolio, collateral maintained, historical
experience, volume and type of lending conducted by the Company, the status of
past due and non-performing loans, the general economic conditions of the
Company's lending area and other factors affecting collectibility of the
Company's loan portfolio. The Company had no material recoveries during the
quarter and charged off three loans, which had previously been identified as
problem loans, totaling $431,000 against the reserve during the quarter. Two
loans with an aggregate balance of $248,000 were transferred to other real
estate during the quarter. Total classified loans were reduced to $673,000 at
March 31, 2002 from $1,619,000 at December 31, 2001, primarily as a result of
the aforementioned transactions. The Company's ratio of non-performing assets to
<PAGE>
total assets declined to 0.13% at March 31, 2002 from 0.19% at December 31,
2001. While the Company's management uses available information to recognize
losses on loans, future additions to the allowance may be necessary based on
changes in economic conditions, the financial status of borrowers and regulatory
requirements.

NON-INTEREST INCOME. For the first quarter of 2002, total non-interest income
decreased $21,000, or 6.7%, to $291,000 from $312,000 in the same period of last
year. The decrease includes $3,000 more in service charges and fees, $12,000
less in commissions earned by Admiralty Insurance Services, LLC, the Company's
insurance affiliate and $10,000 less in gains on sales of loans as the Company
sold no loans during the quarter ended March 31, 2002.

NON-INTEREST EXPENSE. For the three-month period ended March 31, 2002, the
Company experienced increases of $339,000 in its non-interest expense over the
comparable period of 2001. For the period ended March 31, 2002, the Company's
total non-interest expense was $2,902,000, compared to total non-interest
expense of $2,563,000 for the same period in 2001. The increase in non-interest
expense in the three month period of 2002 reflects a $115,000 increase in
salaries and employee benefit expense as the Company hired additional staff to
administer growth in its loan and deposit portfolios and to staff its new full
service branches in South Orlando (which opened in March 2001), Cocoa Beach
(which opened in April 2001), Altamonte Springs (which opened in September 2001)
and Fort Lauderdale (which opened in August 2001). Full time equivalent
employees increased to 117 at March 31, 2002, from 103 at March 31, 2001. The
increase in salaries and benefits is partially offset by a decrease of $86,000
in expense for the senior management incentive program as the Company has
suspended the program for 2002, and so ceased accruing expense for bonuses.
Occupancy expense increased by $186,000, or 54.7%, in the three months ended
<PAGE>

March 31, 2002 as compared to the same period in 2001. Occupancy expenses at the
Cocoa Beach office, Fort Lauderdale office and Altamonte Springs office were
$22,000, $22,000 and $79,000, respectively, in the first quarter of 2002 while
the Company did not have these locations in the first quarter of 2001.
Additionally, occupancy expenses at the south Orlando office were $39,000
greater in 2002 as the branch was not open for the full first quarter of 2001.
Furniture and equipment expenses increased to $205,000 in the first quarter of
2002 from $147,000 in the first quarter of 2001. Furniture and equipment
expenses at the Cocoa Beach office, Fort Lauderdale office and Altamonte Springs
office were $12,000, $12,000 and $8,000 respectively in 2002 while the Company
did not have these locations in 2001. Furniture and equipment expenses for the
south Orlando office were $13,000 greater in the first quarter of 2002 as the
branch was not open for the full first quarter of 2001. Due to the Company's
adoption of SFAS 142 "Goodwill and Other intangible Assets", the Company had no
goodwill amortization in 2002 and $38,000 for the first quarter of 2001. The
Company experienced a net increase of $18,000 in other non-interest expenses in
the first quarter of 2002 compared to the same period in 2001. This increase
includes a decrease of $52,000 in director and committee fees and expenses as
the Company suspended these payments for 2002.

"The first quarter of 2002 is the first installment of Admiralty's new plan."
said Kevin Sacket, Treasurer of Admiralty Bancorp, Inc. "We have changed our
focus from high growth to look more toward profitability. As such the increases
in the balance sheet components during the first quarter are modest by Admiralty
standards, with net loans, deposits and assets growing 2.6%, 7.7% and 7.4%
respectively in the first quarter while pre-tax net income increased 209% in the
first quarter of 2002 as compared to the fourth quarter of 2001. We look forward
to continuing to produce moderate growth while we fine tune the balance sheet to
produce higher earnings."

Admiralty Bancorp, Inc. is the parent company for Admiralty Bank. Admiralty Bank
is a Florida chartered commercial bank operating through its main office in Palm
Beach Gardens, Florida and nine branch offices located in Altamonte Springs,
Boca Raton, Cocoa Beach, Fort Lauderdale, Juno Beach, Jupiter, Melbourne and
Orlando, Florida. The Bank is a full service financial institution, catering to
the needs of businesses, professionals, and private banking clients. Admiralty
Bancorp, Inc. also owns an interest in Admiralty Insurance Services, LLC.
Admiralty Insurance Services is a limited liability corporation providing a full
range of insurance services to Admiralty Bank customers and the public.

"Safe Harbor" Statement under the private Securities Litigation Reform Act of
1995: Certain of these statements contained in this release which are not
historical facts are forward-looking statements that are subject to risks and
uncertainties that could cause actual results to differ materially from those
set forth in the forward looking statements, including the uncertainties
inherent in the process of auditing and making end-of-year adjustments to a
corporation's financial statements. By making these forward-looking statements,
the Company undertakes no obligation to update these statements for revisions or
changes after the date of this release.

CONTACT INFORMATION:
         INVESTOR RELATIONS:  BARBARA MOORE
         TREASURER:  KEVIN M. SACKET
         561.624.4701
<PAGE>
                             ADMIRALTY BANCORP, INC.
                             SELECTED FINANCIAL DATA


<TABLE><CAPTION>
               (unaudited)                             As of or for       As of or for
(dollars in thousands, except per share data)        the Period Ended   the Period Ended                         Percentage
                                                      March 31, 2001     March 31, 2002         Change             Change
                                                        ----------         ----------         ----------         ----------
<S>                                                     <C>                <C>                <C>                <C>
INCOME STATEMENT DATA:
Interest and dividend income........................    $    6,732         $    7,869         $    1,137                17%
Interest expense ...................................         3,522              2,884               (638)              -18%
                                                        ----------         ----------         ----------
Net interest and dividend income ...................         3,210              4,985              1,775                55%
Provision for loan losses ..........................           447                102               (345)              -77%
                                                        ----------         ----------         ----------
Net interest and dividend income
  after provision for loan losses ..................         2,763              4,883              2,120                77%
Non-interest income ................................           312                291                (21)               -7%
Non-interest expense ...............................         2,563              2,902                339                13%
                                                        ----------         ----------         ----------
Income before income taxes .........................           512              2,272              1,760               344%
Income tax expense .................................           212                857                645               304%
                                                        ----------         ----------         ----------
Net income .........................................    $      300         $    1,415         $    1,115               372%
                                                        ==========         ==========         ==========

PER COMMON SHARE DATA:
Net income - basic .................................    $     0.07         $     0.27         $     0.20               286%
             diluted ...............................    $     0.07         $     0.25         $     0.18               257%
Book value (1) .....................................    $     7.58         $     8.45         $     0.87                11%

BALANCE SHEET DATA:
Total assets .......................................    $  366,712         $  534,346         $  167,634                46%
Total loans ........................................       263,837            405,109            141,272                54%
Allowance for loan losses ..........................         2,833              4,516              1,683                59%
Investment securities (2) ..........................        50,044             54,727              4,683                 9%
Goodwill, net ......................................         3,348              3,233               (115)               -3%
Deposits ...........................................       324,252            483,938            159,686                49%
Stockholders' equity ...............................        32,173             44,642             12,469                39%

SELECTED OPERATING RATIOS:
Return on average assets ...........................         0.36%              1.11%
Return on average common equity ....................         3.79%             12.78%
Net interest margin ................................         4.17%              4.20%

SELECTED CAPITAL AND ASSET QUALITY RATIOS:
Average equity/average assets ......................         9.60%              8.72%
Non-accrual loans/total loans ......................         0.16%              0.11%
Non-performing assets/total loans
  and other real estate owned ......................         0.16%              0.17%
Non-performing assets/total assets .................         0.11%              0.13%
Allowance for loan losses/total loans ..............         1.07%              1.11%
Allowance for loan losses/non-performing assets ....       682.65%            666.08%
Net charge-offs/average total loans ................         0.00%              0.11%
</TABLE>
(1)  For 2001, the book value per common share calculated by dividing the
     aggregate outstanding Class A common shares at a conversion ratio of one
     Class A share to 1.1291 Class B shares and the Class B shares, adjusted for
     the 2001 stock dividend, into total stockholders' equity.

(2)  Investment securities include Federal Reserve Bank stock and Federal Home
     Loan Bank stock.

