Location
2015 Washtenaw Avenue
Ann Arbor, MI 48104
Contact
Phone: 734-741-5858
Fax: 734-741-5859
Web site
http://www.university-bank.com
Basics
Sector: Financial
Industry: Regional - Midwest Banks
Full Time Employees: 81
Background
University Bancorp, Inc. operates as the holding company for University Bank that offers retail banking products and services in the city of Ann Arbor and surrounding areas in greater Washtenaw County, Michigan. The company engages in generating deposits and originating loans. Its deposit products and services include demand deposit, negotiable order of withdrawal, checking, money market deposit, and regular savings accounts, as well as term deposit certificates. The company's loan portfolio comprise commercial small business loans, residential real estate mortgage loans, home equity loans, commercial real estate mortgage loans, consumer installment loans, and land development and construction loans. It also offers ATM, telephone banking, Internet banking, debit cards, online bill payment, and money transfer services, as well as provides Gold VISA accounts. In addition, the company engages in the origination, servicing, and sub-servicing of mortgage loans for various credit unions, financial institutions, and mortgage brokers. Further, it offers life and healthcare insurance, as well as insurance for homes, autos, apartments, and businesses; and investment products, including annuities, mutual funds, stock brokerage, and money management. The company was founded in 1890. University Bancorp is based in Ann Arbor, Michigan.
Officers
Mr. Stephen L. Ranzini, 42
Chief Exec. Officer, Pres, Director
Mr. Edward Burger
Pres of Midwest Loan Services of Midwest Loan Services
Mr. John N. Sickler
Exec. VP Residential Loans
Mr. Todd Vanappledorn
VP - University Bank and Commercial Lending Mang.
Ms. Tina Militello
Assistant VP - University Bank and Bank Security Officer
Ownership
Shares Outstanding: 4.25M
Float: 1.39M
% Held by Insiders: 68.23%
% Held by Institutions: 0.50%
Recent developments
New York Times Article Regarding University Bank's Islamic Banking Subsidiary, University Islamic Financial
Thursday March 13, 9:50 am ET
ANN ARBOR, MI--(MARKET WIRE)--Mar 13, 2008 -- Stephen Lange Ranzini, President and Chairman of Ann Arbor's University Bank®, a wholly owned subsidiary of University Bancorp (NasdaqCM:UNIB - News), announced that The New York Times has published an article entitled, "Banks Springing Up to Serve the Underserved," that discusses Islamic Banking in the United States and features information on University Bank's Islamic Banking Subsidiary, University Islamic Financial Corporation (UIFC). The article is currently available free online at:
http://www.nytimes.com/2008/03/08/business/yourmoney/08money.html?_r=1&st=cse&sq=university+islamic+financial&scp=1&oref=slogin.
UIFC, currently with over $35 million in assets, has the largest balance sheet of any retail Islamic banking enterprise in the U.S. and holds both Islamic financings and Islamic deposits offering the Islamic community the opportunity to support a virtuous cycle of investment in compliance with the Sharia'a. UIFC offers the only Islamic Sharia'a FDIC-insured Deposits (offered through University Bank) and originates Islamic Sharia'a home financings as agent for University Bank. UIFC's products have received favorable legal rulings (fatawa) from some of the leading Islamic legal scholars in the U.S. and the world. University Bank also has a master commitment with one of the Government Sponsored Enterprises to create a secondary market for UIFC's Sharia'a compliant home financings nationwide.
For additional information about UIFC's Sharia'a compliant products and its fatawa, see www.universityislamicfinancial.com.
Ann Arbor-based University Bancorp owns 100% of University Bank whose subsidiaries service a total of over $4.4 billion in financings. University Bank is an FDIC-insured, locally owned and managed community bank, and is the only financial institution headquartered in Washtenaw County rated "Outstanding" by the FDIC for Community Service and Community Reinvestment. University Bank also engages in Islamic Banking through 80%-owned University Islamic Financial Corporation, the first and only Islamic Banking subsidiary of a bank in the U.S. University Islamic Financial offers home mortgage alternative financing, the only FDIC-insured Islamic deposits (offered through University Bank) and Islamic equity mutual funds (offered through University Insurance & Investments). University Bank also specializes in mortgage subservicing and mortgage origination primarily serving over 250 credit unions (representing 2.6% of all credit unions in the U.S.) through its Houghton-based 80%-owned subsidiary, Midwest Loan Services, Inc. In 2007, University Bank was selected as the "Community Bankers of the Year" by U.S. Banker magazine.
Additional comprehensive investor relations information on University Bancorp is available at www.university-bank.com/bancorp.htm.
Contact:
Contact:
Stephen Lange Ranzini
Chairman and President
734-741-5858, Ext. 226
Email: Email Contact
Source: University Bank
Share price
King Capital Investment Group
http://kingcapital.tripod.com