University Bancorp, Inc. operates as the holding company for University Bank that offers retail savings products and services in the city of Ann Arbor and surrounding areas in greater Washtenaw County, Michigan. The company primarily engages in generating deposits and originating loans. Subsidiaries The bank's subsidiaries include University Insurance & Investment Services, Inc. (Agency), Hoover, LLC. (Hoover), Midwest Loan Services, Inc. (Midwest), and University Islamic Financial Corporation (UIFC). Midwest engages in the origination, servicing, and sub-servicing of mortgage loans for primarily for credit unions. The Agency is licensed by the State of Michigan to sell insurance as agent for licensed insurance companies. It offers homes, autos, apartments, and businesses in addition to the products which included life and health care insurance, annuities and mutual fund sales. UIFC engages in Islamic Banking with an initial focus on its existing product set: soliciting Islamic Sharia’a FDIC-insured Deposits held by University Bank and originating Islamic Sharia’a home financings as agent for the company. Lending Products The company offers a range of traditional lending products, including commercial small business loans, residential real estate mortgage loans, home equity loans, commercial real estate mortgage loans, consumer installment loans, and land development and construction loans. It also offers Sharia’a compliant mortgage alternative loan transactions (MALTs) for Muslim customers. Mortgage Banking The company and Midwest originate, internally or via other financial institutions, residential home loans that generally qualify for sale to secondary market investors under the underwriting criteria of the Federal Home Loan Mortgage Corporation (FHLMC), the Federal National Mortgage Association (FNMA) and the Government National Mortgage Association (GNMA). Midwest also originates jumbo and non-standard home loans. Other Services The company also offers free access to 24-Hour ATM machines, telephone banking, Internet banking, debit cards, online bill payment, Western Union money transfer services, and Gold VISA accounts. It provides annuity and mutual fund sales, stock brokerage and money management, life insurance, property casualty insurance, foreign currency exchange, and SWIFT messaging services. Investment Activities The company’s investment portfolio includes short-term money market instruments, U.S. government bonds, U.S. federal agency obligations, and mortgage-backed securities backed by federal agency obligations. Deposits The company’s deposit products include demand deposit and NOW interest-bearing checking accounts, money market deposit accounts, regular savings accounts, and term deposit certificates. It also offers Sharia’a compliant profit-sharing deposits for Muslim depositors. Competition The company’s competitors include The University of Michigan Credit Union, Bank of Ann Arbor, Midwest Financial Credit Union, and Automotive Federal Credit Union. The primary competitor for Islamic home finance is Guidance Financial and Devon Bank. History University Bancorp, Inc. was founded in 1890.
university bancorp inc
(UNIB:OTC Markets Group Inc - OTCQB)
2015 Washtenaw Avenue
Ann Arbor, MI 48104
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