For Immediate Release
Contact: Stephen Lange Ranzini, President and CEO
Phone: 734-741-5858, Ext. 9226
UNIVERSITY BANCORP SETS ANNUAL MEETING DATE AS DECEMBER 23, 2016 NOON EST
Ann Arbor, Michigan, December 21, 2016, — University Bancorp, Inc. (OTCQB: UNIB) today announced that its 2016 annual shareholder meeting has been scheduled for December 23, 2016, beginning at Noon EST at University Bank’s headquarters at 2015 Washtenaw Avenue, Ann Arbor. Shareholders of record as of the close of business December 21, 2016 will be entitled to vote. As a measure to economize and save the shareholders money, no proxies will be solicited for the meeting by the company. Shareholders will vote at the annual meeting to elect directors for the coming year.
As an update on the bank’s 2016 financial performance, through the end of November, University Bank has had unaudited year-to-date net income of $3,011,061 and we anticipate additional earnings in December at above budget levels to finish the year.
Shareholders and investors are encouraged to refer to the financial information including the audited financial statements, strategic plan and prior press releases, available on our investor relations web page at: http://www.university-bank.com/bancorp/.
Ann Arbor-based University Bancorp owns 100% of University Bank which, together with its Michigan-based subsidiaries, holds and manages a total of over $19 billion in financial assets for over 115,000 customers and our 379 employees make us the 9th largest bank based in Michigan. 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 have been selected as the “Community Bankers of the Year” by American Banker magazine and as the recipient of the American Bankers Association’s Community Bank Award. University Bank is a Member FDIC. For the period ending 9/30/2016, the company’s 5 year average return on equity was 19.5% and its 5-year annual average revenue growth was 23.6%. The members of University Bank’s corporate family, ranked by their size of revenues are:
- University Lending Group, a retail residential mortgage originator based in Clinton Township, MI;
- Midwest Loan Services, a residential mortgage subservicer based in Houghton, MI;
- UIF, a faith based banking firm based in Southfield, MI;
- Community Banking, based in Ann Arbor, MI, which provides traditional community banking services in the Ann Arbor area;
- Ann Arbor Insurance Centre, an independent insurance agency based in Ann Arbor.