For Immediate Release
Ann Arbor, Michigan, November 18, 2008 — University Bancorp, Inc. (NASDAQ: UNIB) has received a FastTrack Award from Ann Arbor SPARK. Founded in 1997, FastTrack is an annual program sponsored by Ann Arbor SPARK recognizing companies in Washtenaw County for outstanding business success. The company is one of just 12 firms in Washtenaw County who met the criteria. Awards are presented to companies with consistent records of growth, defined as:
- Average growth in revenues of 20% or more for the years 2004 to 2007;
- Public or private company headquartered in Washtenaw County, Michigan;
- 2007 revenues must be greater than 2006 revenues;
- At least $100,000 gross revenue.
University Bancorp’s revenue growth has been rapid during the period covered by the competition:
President Stephen Lange Ranzini noted, “We are pleased that the county economic development agency Ann Arbor SPARK has recognized University Bank’s strong growth track record with one of its prestigious FastTrack Awards. We are again on track to qualify next year based on our 2008 results with total revenues projected to be over $18 million, which will represent a compound annual growth rate since 2004 of 29%.”
About Ann Arbor SPARK
Ann Arbor SPARK’s mission is to be the driving force in establishing the Ann Arbor Region as a desired place for business expansion and location, by identifying and meeting the needs of business at every stage, from those that are established, to those working to successfully commercialize innovations.
Ann Arbor-based University Bancorp owns 100% of University Bank which, together with its subsidiaries, holds and manages a total of $5.8 billion in loans and assets. 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 through its creative and innovative services to meet the financial needs of its community. University Bank also specializes in several niche financial services through subsidiaries:
- University Islamic Financial Corporation, based in Ann Arbor, Michigan and 80%-owned, engages in Islamic Banking and is the first and only Islamic Banking subsidiary of a bank in the U.S. It offers residential and commercial real estate financing, the only FDIC-insured Islamic deposits (offered through University Bank) and Islamic equity mutual funds (offered through University Insurance & Investments).
- Midwest Loan Services, Inc., based in Houghton, Michigan and 80%-owned, specializes in mortgage subservicing and mortgage origination primarily serving over 250 credit unions, representing 2.6% of all credit unions in the U.S.
- University Lending Group is a Farmington Hills, Michigan-based 50.01%-owned subsidiary that originates HUD’s FHA and VA and other mortgage loans on a wholesale and retail basis.
- University Insurance & Investment Services is a 100%-owned subsidiary that provides a full range of insurance services as an independent agent for 49 insurance companies and investment brokerage account services.
Any prediction of the future is inherently not assured. Investors should read the risk factors listed on pages 23 through 24 in the Company’s report on Form 10KSB for the year ended December 31, 2007 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.
Contact: Stephen Lange Ranzini, President and CEO
Phone: 734-741-5858, Ext. 226