Bank of Ann Arbor moves: Washtenaw office to close, new Saline branch to open
Bank of Ann Arbor plans multiple changes in Washtenaw County this year, starting with the closure of its banking convenience center on Washtenaw Avenue at Pittsfield Boulevard.
The bank center - operating as a drive-through and ATM - on Washtenaw will close May 15.
Paula Gardner | AnnArbor.com
That office - now only used for drive-up and ATM service - will close May 15, officials said.
But as it plans one closing, the largest locally owned bank in the county also plans two additional office changes this year to accommodate growth:
- It will expand into a new location in Traver Village on Plymouth Road, where it will triple its space now at the rear of the northeast Ann Arbor shopping center by moving into about 1/3 of the former Blockbuster video store.
- And it will open a new office in Saline after purchasing the former Bank of America branch at 179 E. Michigan in early March.
"We've been very fortunate to have strong growth based on being a community bank and being active in the community," said Patti Judson, first vice president of the bank.
Bank of Ann Arbor is the Ann Arbor region's 5th largest bank, based on deposits in the market as tallied by the FDIC for a report issued June 30. It operated 10 offices in the county and one in Plymouth at the time of the report, the most recent available.
The market share was 9.04 percent, based on $562 million on deposit. Bank of Ann Arbor followed TCF Bank (14.35 percent), JP Morgan Chase Bank (13.26), PNC Bank (11.98) and KeyBank (9.53) in the local rankings.
The recent decisions to make location switches represent different opportunities converging at the same time, Judson said.
In the case of the Washtenaw office, the building had been leased from owner Duane Renken for many years, but as the lease renewal approached, a deal could not be reached, Judson said.
"The building itself had deteriorated over the years," Judson said. "... We were not able to renegotiate (an acceptable lease)."
Customers have been notified of the closing, she added.
The 2,090-square-foot building is listed for lease at $34 per square foot by broker Michael Lippitt of Landmark Commercial.
Washtenaw customers are being redirected to the Ellsworth Road office and also the one in Traver Village.
Construction is under way in Traver Village, said Chris Grant of landlord First Martin Corp.
"It's a very prominent location right under the clock tower," Grant said.
The new office will have community room space and better parking as the former video store and nearby parking lot undergo some reconfiguration.
In Saline, the bank saw the opportunity to open just east of downtown in the former Bank of America building, which had been listed for sale last fall.
First Martin closed on the building on behalf of the bank on March 6, according to county records. The purchase price is recorded at $452,001.
Saline customers of the bank already use the Ellsworth location, Judson said, but the new branch should encourage more growth in that market.
The bank hadn't been looking for a specific location there, but "the opportunity presented itself for a bank building to be available in a market that we thought had great potential," Judson said.
Staff will be moved from the Washtenaw location to others, Judson said, and additional hiring is anticipated for Saline.
Paula Gardner is news director of AnnArbor.com. She can be reached by email or followed on Twitter.
Comments
15crown00
Fri, Apr 13, 2012 : 3:55 a.m.
never dealt with them.don't care
bobslowson
Fri, Apr 13, 2012 : 1:17 p.m.
And yet you felt the need to comment...
Ash
Thu, Apr 12, 2012 : 5:59 p.m.
I hate to see another business closing across from Arborland. I hope they find a new tennant for that space. I bank with them and this was the most convenient location for me since I drive by on the way to work. None of their other locations are convenient. I wish they'd at least have an ATM somewhere near arborland.
MgoBlueMomma
Thu, Apr 12, 2012 : 5:57 p.m.
Gotta say don't care much for Bank of Ann Arbor, my bank is Comerica and they certainly are great to me and my family. Excellent customer service, good rates and good package products. I switched from another Michigan Based Bank and glad I did. Local or not, I like to know that my money is in good hands and is with a strong bank. Local is over rated.
My2bits
Thu, Apr 12, 2012 : 4:36 p.m.
I am a satisfied Bank of Ann Arbor customer and have nothing but good things to say about their service and community involvement. See you at Sonic Lunch this summer.
Max Maximus
Thu, Apr 12, 2012 : 4:19 p.m.
BOAA is the *WORST*! I no longer bank with them due to the Stadium/Liberty manager being such a jerk. I guess my monies werent enough for them to treat you like a human being. Take your money to a credit union- it's the only way. BOAA's pitch about being "local" is a bunch of garbage- they are just as corrupt and greedy as the other big banks. And don't get me started about their trust department.................
Vette96drvr
Fri, Apr 13, 2012 : 1:31 a.m.
I've spoken to several principles from Bank of Ann Arbor at different small business seminars over the years. They seemed very pleasant, helpful, and most of all sincere to me. Perhaps I will switch from TCF to them. I hate TCF but they are everywhere so it is convenient. Maybe I will take my billions and zillions of $$$$ to B of AA next week!
Peter Eckstein
Thu, Apr 12, 2012 : 3:30 p.m.
I hope this represents an opportunity to reduce congestion in trying to exit the shopping area in which the branch has been located. The inclusion of a large in-car banking area with the building makes it awkward, maybe even illegal, to go through the bank's property to enter Pittsfield Blvd. The only other way to get to Washtenaw and then turn left (west) is the exit closest to Washtenaw, which often means trying to intrude into a line of cars all waiting for a green light. I would hope that the new renter would set aside a clear lane for drivers to use in getting to Pittsfield.
bunnyabbot
Thu, Apr 12, 2012 : 2:55 p.m.
I swtiched my two accounts from PNC to BofAA last year b/c I wanted a local bank. PNC had raised their fees. I have had no problems with BofAA, very happy I made the switch. By the way, if you know anyone that has an account and you go to open an account mention your friend as a referral, you'll both get a gift card :)
ffej440
Thu, Apr 12, 2012 : 1:57 p.m.
We have lots of banks in Saline already. I had hoped for a credit union in that spot.
Ann English
Fri, Apr 13, 2012 : 12:48 a.m.
Years ago, I had asked if my own credit union had a Saline branch, and was disappointed to hear that they didn't. A credit union family service center would be even better in Saline that just one credit union's branch office or headquarters. I've used credit union family service centers in Ypsilanti, Canton and Taylor. I know there's one in Garden City.
Barzoom
Thu, Apr 12, 2012 : 1:19 p.m.
Convenience center wasn't very convenient.
Linda Peck
Thu, Apr 12, 2012 : 12:30 p.m.
I moved my accounts from Chase to Bank of Ann Arbor a few years ago because I wanted to bank locally. I have been very pleased with the service. Good luck to them. We need local strength in banking and commerce to continue.
Craig Lounsbury
Thu, Apr 12, 2012 : 11:22 a.m.
I used to bank there when it was NBD. Then NBD got bought out by Bank One. Then Bank One got bought out by Chase.
Ann English
Thu, Apr 12, 2012 : 12:09 p.m.
NBD financed one of my cars, and I used that NBD drive-through to make monthly payments via my payment book. So the building is deteriorating? I wonder if those of us who shop in stores just east of it will continue to be able to get to Pittsfield Avenue through that bank building's driveway. There's a driveway to the stores' parking lot much closer to Washtenaw, but it's a much better entrance to the stores' parking lot than exit from them.
Paula Gardner
Thu, Apr 12, 2012 : 11:22 a.m.
Here is a story from 2009 that listed the Washtenaw County market share: http://www.annarbor.com/business-review/bank-market-share/ And one from 2010 that offers some comparison. http://www.annarbor.com/business-review/fdic-washtenaw-countys-community-banks-continue-to-gain-market-share/ We didn't do a single story on this 2011 report. I'll pull together a post today so that's available.
A2comments
Thu, Apr 12, 2012 : 10:40 a.m.
I suspect TCF has lost share since dramatically increasing checking account fees in the Fall.
A2comments
Thu, Apr 12, 2012 : 11:51 p.m.
ffej440: That is not correct. It USED to be that if you had direct deposit checking was free. Now, TCF requires large minimum balances: http://tcfbank.com/PersonalBanking/pb_checking_home.jsp I went in when I got hit with a $9.95 monthly fee and complained they barely disclosed it. Tellers didn't even know about it. Assistant Manager was very coy, he switched me to a student-checking type account (actually U of M faculty which I did NOT qualify for), to not have any fees but refused to refund the $9.95, as did his boss the next week. So I withdrew all but $.01 and left it sit there as I moved my business to PNC.
ffej440
Thu, Apr 12, 2012 : 1:54 p.m.
If you have direct deposit , checking is free. All other fees are optional- just tell your branch to opt you out of overdraft, check image etc... BTW - I don't work for TCF, just a customer. Direct deposit is the best, no waiting in line on payday, cash available when you wake up.