University Bancorp Inc. (MI)

Company Profile

University Bank is a community bank headquartered in Ann Arbor, Michigan. The bank was founded in 1890 as The Newberry State Bank and adopted its current name, University Bank, in 1995. The bank has its offices in the Leander J. Hoover Mansion. University Bancorp owns 100% of University Bank which, together with its Michigan-based subsidiaries, holds and manages a total of over $18 billion in financial assets for over 110,000 customers, and 500 employees. University Bank is an FDIC-insured, locally owned and managed community bank, and meets the financial needs of its community through its creative and innovative services. University Bank is owned by University Bancorp and was initially chartered as The Newberry State Bank located in Newberry, Michigan in the Upper Peninsula. While the bank was founded in 1890, a bank holding company owned by Stephen Lange Ranzini and Joseph Ranzini acquired controlling interest in the bank in 1988. Under Stephen Lange Ranzini’s leadership as President and CEO of the Bancorp, the bank expanded into Sault Ste. Marie and doubled in size.