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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 4

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935
or Section 30(h) of the Investment Company Act of 1940

o	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Name and Address of ReportingPerson* (Last, First, Middle)

Issuer Name and Ticker orTrading Symbol

I.R.S. Identification Number of ReportingPerson, if an entity (Voluntary)

Karafa, Jeffrey L

Dearborn Bancorp, Inc. DEAR

Karcher, Donald G

Dearborn Bancorp, Inc. DEAR

25125 W. Roy Ct.

Statement for Month/Day/Year

If Amendment, Date of Original (Month/Day/Year)

30435 Oakview Way

Statement for Month/Day/Year

If Amendment, Date of Original (Month/Day/Year)

10/18/02

10/17/02

(Street)

Relationship of Reporting Person(s)to Issuer (Check All Applicable)

Individual or Joint/Group Filing(Check Applicable Line)

Huntington Woods, MI 48070 (City) (State) (Zip)

Director

10% Owner

Form filed by One Reporting Person

Bingham Farms, MI 48025 (City) (State) (Zip)

Director

10% Owner

Form filed by One Reporting Person

Officer (give title below)

Form filed by More than One Reporting Person

Other (specify below)

VP & CFO

Reminder:		Report on a separate line for each class of securities beneficially owned directly or indirectly.

*		If the form is filed by more than one reporting person, see instruction 4(b)(v).

Table I — Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

Title of Security(Instr. 3)

Transaction Date(Month/Day/Year)

2a.

Deemed ExecutionDate, if any.(Month/Day/Year)

Transaction Code(Instr. 8)

Securities Acquired (A)or Disposed of (D)(Instr. 3, 4 and 5)

Amount of SecuritiesBeneficially OwnedFollowing Reported Transactions(s)(Instr. 3 and 4)

OwnershipForm:Direct (D) orIndirect (I)(Instr. 4)

Nature ofIndirectBeneficialOwnership(Instr. 4)

Code

Amount

(A)or(D)

Price

Common Stock

10/1617/02

~~390~~500

$714.7010

~~455~~26223

Common Stock

10/16/02

610

$5.88

3840

By Community Bank of Dearborn 401(k) Trust

5475

By Donald G Karcher Trust

Common Stock

10/16/02

1000

$13.69

7561

By Yolan I Karcher Trust (Spouse)

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Table II — Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)

Title of DerivativeSecurity(Instr. 3)

Conversion or ExercisePrice of DerivativeSecurity

TransactionDate(Month/Day/Year)

3a.

Deemed ExecutionDate, if any(Month/Day/Year)

TransactionCode(Instr. 8)

Number of Derivative SecuritiesAcquired (A) or Disposed of (D)(Instr. 3, 4 and 5)

Code

(A)

(D)

Incentive Stock Options (right to buy) granted 01/21/97

$7.70

10/16/02

390

Incentive Stock Options (right to buy) granted 01/20/98

Incentive Stock Options (right to buy) granted 01/19/99

Incentive Stock Options (right to buy) granted 01/18/00

$5.88

10/16/02

610

Incentive Stock Options (right to buy) granted 05/16/00

Incentive Stock Options (right to buy) granted 01/16/01

Incentive Stock Options (right to buy) granted 01/15/02

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Table II — Derivative Securities Acquired, Disposed of, or Beneficially Owned — Continued(e.g., puts, calls, warrants, options, convertible securities)

Date Exercisable andExpiration Date(Month/Day/Year)

Title and Amount of Underlying Securities(Instr. 3 and 4)

Price of DerivativeSecurity(Instr. 5)

Number of DerivativeSecurities Beneficially OwnedFollowing Reported Transaction(s) (Instr. 4)

10.

Ownership Form of Derivative Security:Direct (D) or Indirect (I)(Instr. 4)

11.

Nature ofIndirectBeneficialOwnership(Instr. 4)

DateExercisable

ExpirationDate

Title

Amount orNumber ofShares

07/21/97

01/21/07

Common Stock

390

4723

6946

07/18/00

01/18/10

Common Stock

610

6336

3473

9261

9450

Explanation of Responses:

/s/ Jeffrey L. Karafa		10/18/02
/s/ Donald G. Karcher		10/18/02
**Signature of Reporting Person		Date

**		Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note:		File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

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Filing Compare · DEARBORN BANCORP INC /MI/