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.
The holding company for University Bank, based on Washtenaw in Ann Arbor, also announced that state and federal regulators released the bank from a 2009 agreement designed to improve bank operations.
"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:
• Total assets up 3.5 percent to $134.4 million. • Total employee growth of 40, up from 150. • A 267 increase in the mortgage wholesale division. • 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.
Comments
Stephen Lange Ranzini
Fri, Jun 4, 2010 : 10:45 a.m.
The full text of the press release which contains quite a bit more information is at: http://www.university-bank.com/file/press_release/Press-97.pdf Also, the story didn't really clarify the fact that the board appointed me CEO of the Bank in addition to my previous role as President, as noted in the press release.