SOURCE: University Bancorp

February 29, 2008 16:00 ET

University Bancorp Reports Resignation of Nicholas K. Fortson as CFO

ANN ARBOR, MI--(Marketwire - February 29, 2008) - University Bancorp, Inc. (NASDAQ: UNIB) reported that its CFO Nicholas K. Fortson has resigned effective March 7, 2008. Mr. Fortson also resigned as CEO of the Company's subsidiary, University Bank, however he has agreed to stay on the board of University Bank as a director, as well as remain as a director of the bank's key subsidiaries Midwest Loan Services and University Islamic Financial.

Mr. Fortson stated, "I am sorry to leave the fine team at University Bank and the decision to move from part-time to full-time in running my own business is difficult."

Company President & CEO Stephen Lange Ranzini noted Mr. Fortson's contributions to University Bank and the Company during his tenure, "Nick has been my #2 for seven years now and we've accomplished a lot together. During this time, University Bank has increased its assets 2.5x to over $100 million, its Tier 1 Capital has tripled, Midwest Loan Services has grown its mortgage servicing six-fold to a leadership position in its industry, the Islamic Banking subsidiary was created and now is the largest retail Islamic Banking entity by assets in the U.S. and University Bank was named U.S. Banker magazine's Community Bankers of the Year in 2007. We could not have accomplished all of this without Nick's hard work. I am sorry to see him reduce his role."

Ann Arbor-based University Bancorp owns 100% of University Bank which services a total of over $4.4 billion in loans. 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. 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 home mortgage alternative 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.

Contact Information

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