FOR IMMEDIATE RELEASE
UNIVERSITY BANK’S STEPHEN LANGE RANZINI ELECTED VICE CHAIRMAN OF THE WASHTENAW COUNTY ECONOMIC DEVELOPMENT CORPORATION’S BOARD OF DIRECTORS
Ann Arbor, Michigan, March 29, 2005 – Stephen Lange Ranzini, Chairman and President of Ann Arbor based University Bank (NASDAQ:UNIB), has been elected Vice Chairman of the board of directors of the Washtenaw County Economic Development Corporation.
Mr. Ranzini commented, “I am honored to be able to serve my county in this additional capacity and look forward to working with the board to make Washtenaw County a better, more sustainable, diverse and environmentally friendly community based on the principles of New Urbanism.” Ranzini also serves as a director of the City of Ann Arbor Economic Development Corporation, a position to which he was appointed by City Council in November 2003. He is the only individual to sit on board the city and county EDC boards. Before joining the city’s EDC board he had served on the Ann Arbor Housing Policy Board.
Outside of his role as President and CEO of University Bancorp, Inc. and as President and Chairman of University Bank, and as Chairman of University Bank’s University Insurance & Investment Services and Midwest Loan Services subsidiaries, Ranzini serves as President and Chairman of both the Michigan Business Development Company and Northern Michigan Foundation, which are economic development organizations funded by the state of Michigan Economic Development Corporation and the U.S. Department of Agriculture, respectively. In addition, he is Chairman of Jove Corporation, a publicly traded firm specializing in technology and financial services software development.
His other civic and professional associations include:
President of the Yale Alumni Association of Michigan;
Delegate, Association of Yale Alumni. The AYA is the international governance body for the Yale University Alumni Association;
Member of the Kingsley Trust Association, New Haven, Connecticut;
Member of Legatus, a worldwide, non-profit civic association of Catholic Company CEOs.
Accredited Standards Committee X9, Inc., Director and Member of the Finance & Audit Committees. X9 is the U.S. affiliate of ISO for financial services standards in the United States.
United Nations CEFACT TGB5, New York, NY, the U.S. delegate to the committee representing the United States, the de jure Standards Setting Body of the United Nations establishing standards for international Internet payment instructions in harmonization with the International Standards Organization (ISO).
International Standards Organization (ISO) Techical Committee (TC) 68 (Financial Services), U.S. Delegate to the ISO de jure global standards setting body for the global financial services industry. Also, U.S. Delegate to TC68 SC2, the Security Standards Committee for the Global Financial Services Industry.
Financial Services Technology Consortium, Deputy Director of FSTC’s UVX (Universal Value Exchange) Project. FSTC is the collaborative research and development arm of the nation’s largest banks, the IT vendors to the banking industry and government agencies involved in banking. The UVX project is facilitating the creation of an industry utility to make it easier to pay and be paid using the Internet. Member, FSTC’s Security Committee. Member, FSTC’s Counter-Phishing Project Steering Committee. The counter-phishing project is analyzing potential financial industry response to the proliferation of electronic identity theft attacks, including email based identity theft attacks.
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Contact: Stephen Lange Ranzini, President and CEO
Phone: 734-741-5858, Ext. 226
Ann Arbor based University Bancorp owns 100% of University Bank which manages a total of $2.5 billion in assets. University Bank is an FDIC-insured, locally owned and managed Community Bank primarily serving the cities of Ann Arbor and Ypsilanti of Washtenaw County. The Community Banking operation focuses on local businesses, minorities and the non-profit communities. University Bank is the only financial institution headquartered in Washtenaw County to be rated “Outstanding” by the FDIC for Community Service and Community Reinvestment. Other Community Banking specialties include highly competitive deposit products for business owners, residential mortgages, commercial real estate lending and insurance, investments and money management through its wholly-owned subsidiary University Insurance & Investments, Inc. In addition to its Community Banking operations, University Bancorp specializes in mortgage subservicing and mortgage origination primarily serving over 160 credit unions (representing 1.75% of all credit unions nationwide) through the Bank’s Houghton-based 80%-owned subsidiary, Midwest Loan Services.
Any prediction of the future is inherently not assured. Investors should read the risk factors listed on pages 21 and 22 in the Company’s report on Form 10K for the year ended December 31, 2003 and any prediction in this release is intended to be covered by the Safe Harbor provisions of Section 21E of the Securities Exchange Act of 1934.