June 20, 2003 — Armada Funds said Dan Bandi, Adam Friedman and Daniel DeMonica, who helped manage three of its stock funds, have resigned to “pursue other business opportunities.”

The three men were part of the team that oversees Armada Small Cap Value Fund/A (AMRRX), Armada Small Mid Cap Value Fund/A (ARVAX) and Armada Large Cap Value Fund/A (AEIRX).

They have been replaced on those funds by Mary Jane Matts and Michael Santelli, value-oriented investors who are members of the equity management team at National City Investment Management Co., a unit of Natl City Corp (NCC) that oversees the fund family. Matts and Santelli joined portfolio manager Alex Vallecillo on the three funds.

The former Armada fund managers were also replaced by Matts and Santelli on the team that runs AXP Partners Small Cap Value Fund/A (ASVAX), which is overseen for Amer Express (AXP) by National City and two other outside money management firms. Vallecillo also continues as a co-manager of the fund.

None of the managers who left Armada could be reached for comment.