Ann Arbor's University Bank posts 2009 profit, released from heightened federal oversight
University Bancorp Inc. today announced 2009 earnings of $693,517, compared to $34,739 in 2008.
"We are pleased to have had a strongly profitable result in 2009, a year that was very challenging for our industry," Stephen Lange Ranzini, bank president and newly appointed CEO, said in a statement.
The bank's performance showed:
â€¢ Total assets up 3.5 percent to $134.4 million. â€¢ Total employee growth of 40, up from 150. â€¢ A 267 increase in the mortgage wholesale division. â€¢ Revenue growth of 62.6 percent in its Islamic banking division.
In addition, the bank's core capital ratio climbed to 9.21 percent from 7.78 percent at year-end 2008. The number, a key measure of bank health, was 10.92 percent statewide at year-end 2009.
The bank held 2.25 percent of Washtenaw County market share in mid-2009, according to FDIC records of deposits.
Editor's note: Ranzini is on the AnnArbor.com editorial board.