SOURCE: University Bancorp

November 12, 2008 09:10 ET

University Bank's Stephen Lange Ranzini Elected President of the Economic Development Corporation of the City Of Ann Arbor

ANN ARBOR, MI--(Marketwire - November 12, 2008) - Stephen Lange Ranzini, Chairman and President of Ann Arbor-based University Bank (NASDAQ: UNIB), was elected President of the Economic Development Corporation of the City of Ann Arbor by its board of directors.

Mr. Ranzini commented, "I am honored to be able to serve my city in this additional capacity and look forward to working with the board to make Ann Arbor a better, more sustainable, diverse and environmentally friendly community based on the principles of New Urbanism." Ranzini has served on the Ann Arbor Economic Development Corporation board since his appointment by City Council in November 2003.

Outside of his role as President and Chairman of University Bank, and as Chairman of University Bank's University Insurance & Investment Services, Midwest Loan Services and University Islamic Financial subsidiaries, Ranzini serves as President and CEO of University Bancorp, Inc., as Managing Member of University Lending Group and as President and Chairman of both the Michigan Business and Industrial Development Company and Northern Michigan Foundation, which are economic development organizations funded by the state of Michigan Economic Development Corporation and the U.S. Department of Agriculture, respectively.

His other civic and professional associations include:

Industry Associations:

United Nations CEFACT TGB5, U.S. delegate on the United Nations committee which is the global Standards Setting Body establishing standards for international financial services XML in harmonization with the International Standards Organization (ISO);

ANSI ASC X9 (American National Standards Institute's Accredited Standards Committee X9), Member of Board of Directors and Member of Membership and Marketing Committee. X9 is the U.S. financial services standards setting body under ANSI, the U.S. affiliate of ISO, and coordinates all standards setting in the financial services industry in the U.S.

Civic Associations:

Vice Chairman of the Washtenaw County Economic Development Corporation;

President of the Yale Alumni Association of Michigan;

Member of Legatus, a worldwide, non-profit civic association of Catholic CEOs;

Member of the Kingsley Trust Association, New Haven, Connecticut.

Ann Arbor-based University Bancorp owns 100% of University Bank which, together with its subsidiaries, holds and manages a total of $5.8 billion in loans and assets. University Bank is an FDIC-insured, locally owned and managed community bank, and is the only financial institution headquartered in Washtenaw County rated "Outstanding" by the FDIC for Community Service and Community Reinvestment through its creative and innovative services to meet the financial needs of its community. University Bank also engages in Islamic Banking through 80%-owned University Islamic Financial Corporation, the first and only Islamic Banking subsidiary of a bank in the U.S. University Islamic Financial offers residential and commercial real estate financing, the only FDIC-insured Islamic deposits (offered through University Bank) and Islamic equity mutual funds (offered through University Insurance & Investments). University Bank also specializes in mortgage subservicing and mortgage origination primarily serving over 250 credit unions (representing 2.6% of all credit unions in the U.S.) through its Houghton-based 80%-owned subsidiary, Midwest Loan Services, Inc. University Insurance & Investment Services is a 100%-owned subsidiary that provides a full range of insurance services as an independent agent for 49 insurance companies and investment brokerage account services. University Lending Group is a Farmington Hills-based 50.01%-owned subsidiary that originates HUD's FHA and VA and other mortgage loans on a wholesale and retail basis.

Contact Information

  • Contact:
    Stephen Lange Ranzini
    Chairman and President
    734-741-5858, Ext. 226