Traded as OTCQB: UNIB | Founded 1890 | |
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Type Wholly Owned Subsidiary of University Bancorp, Inc. Industry Banking, Financial Services Headquarters Ann Arbor, Michigan, United States Key people Stephen Lange Ranzini (President & CEO) | ||
University Bank is a community bank headquartered in Ann Arbor, Michigan. The bank was founded in 1890 as The Newberry State Bank and adopted its current name, University Bank in 1995. The bank has its offices in the Leander J. Hoover Mansion. University Bancorp owns 100% of University Bank which, together with its Michigan-based subsidiaries, holds and manages a total of over $18 billion in financial assets for over 110,000 customers, and 374 employees. 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.
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History
University Bank is owned by University Bancorp and was initially chartered as The Newberry State Bank located in Newberry, Michigan in the Upper Peninsula. While the bank was founded in 1890, a bank holding company owned by Stephen Lange Ranzini and Joseph Ranzini acquired controlling interest in the bank in 1988. Under Stephen Lange Ranzini’s leadership as President and CEO of the Bancorp, the bank expanded into Sault Ste. Marie and doubled in size.
In 1994 Newberry State Bank sold its loans, deposits and branches to another bank in the Upper Peninsula. Retaining the Bank charter, Stephen Ranzini changed the name of the charter to University Bank. Stephen Lange Ranzini was interested in relocating the bank charter to Ann Arbor because there was only one other community bank based in Ann Arbor at the time and this is a diverse, vibrant and growing community. A new management team was recruited and the bank opened in Ann Arbor in early 1996. After the initial management team was replaced, Stephen Lange Ranzini took over the direct day-to-day management of the bank in late 1997.
Subsidiaries
The members of University Bank’s corporate family are: