For Immediate Release
CRAIN’S DETROIT BUSINESS NAMES UNIVERSITY BANCORP, INC. SECOND FASTEST GROWING FIRM IN THE GREATER DETROIT REGION IN 2009
Ann Arbor, Michigan, July 20, 2010, — University Bancorp, Inc. (OTCQB: UNIB) (Pink Sheets: UNIB) announced today that Crain’s Detroit Business has named it
the second fastest growing firm in the greater Detroit region in 2009. Over the past five years, our audited revenues have risen from $6,566,819 to $21,814,739:
2004 $ 6,566,819
2005 $ 9,164,221
2006 $ 8,521,323
President & CEO Stephen Lange Ranzini noted, “We are pleased to have this recognition of our efforts during the year from one of the leading media companies in Michigan. During 2009, University Bank’s three largest business units increased their revenue by between 39% and 323% and our mortgage subservicing, mortgage wholesale banking and Islamic banking units now represent 90.6% of the bank’s consolidated revenue. Our bank is safe, strong and solid and is making profits even in these economically challenging times.” According to the IDC bank rating agency, University Bank’s current IDC financial strength rating of 245 makes it the second highest rated operating bank in the Lower Peninsula of Michigan.
“These major industry awards are a testament to the track record of University Bank, its long term involvement in helping grow our community and the fact that our business units are implementing strong business plans and are well managed,” Ranzini noted.
Ann Arbor-based University Bancorp owns 100% of University Bank which, together with its subsidiaries, holds and manages a total of over $8.75 billion in loans and assets. 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. Founded in 1890, University Bank® is proud to be selected as the “Community Bankers of the Year” by U.S. Banker magazine, the recipient of the American Bankers Association’s 2009 Community Bank Award and as one of the 12 fastest growing businesses in the Ann Arbor region by the regional economic development agency Ann Arbor SPARK.
Full financial information is available at: http://www.university-bank.com/bancorp/.