University Bancorp, Inc.

University Bancorp, Inc. is a Delaware corporation operating as a bank holding company for its wholly-owned subsidiary, University Bank. The company adopted its current name in 1996, aligning with the bank's identity. University Bank, a state-chartered community bank, began operations in 1890 and was chartered by the state of Michigan in 1908. In 1994, the bank sold its offices in Newberry, Michigan, and Sault Ste. Marie, Michigan. Its main office relocated to Ann Arbor, Michigan, in 1995, and the bank changed its name from 'The Newberry State Bank' to 'University Bank'. Ann Arbor, a university town and the largest city in Washtenaw County, is west of the Detroit Metropolitan Statistical Area. The bank's primary market area is the City of Ann Arbor and surrounding areas in greater Washtenaw County. In 1995, University Bank acquired 80% of the common stock of Midwest Loan Services. Midwest specializes in originating, servicing, and sub-servicing mortgage loans for credit unions, financial institutions, and mortgage brokers. Its servicing and sub-servicing portfolio primarily consists of residential mortgage loans sold to Fannie Mae, Freddie Mac, and other private residential mortgage conduits, notably a jumbo and subprime loan conduit established by Lehman Brothers. Additionally, in 1996, University Bank established University Insurance & Investment Services, Inc., an insurance and investment products sales agency based in the bank's Ann Arbor office. This agency is licensed by the State of Michigan to sell insurance as an agent for licensed insurance companies.