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Bank of Ann Arbor
       
 
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Bank of Ann Arbor
 
 
Mission statement: 

It is the mission of Bank of Ann Arbor to be a locally owned and operated bank; be the premier financial institution within the market focusing on business and professional solutions and offering a full range of high quality products and services to our clients; achieve superior long-term value for our shareholders; and create an environment to promote and reward the development and positive contribution of our employees.
History: 

In the summer of 1995, the only banking institutions available to Ann Arbor and Ypsilanti residents were from outside the area. A group of prominent business people decided to change that by organizing a local bank. The applications for a new bank charter and for deposit insurance were both filed that summer. The banking office at 125 S. Fifth Avenue in downtown Ann Arbor was purchased from Comerica Bank. Six million dollars of initial capital was raised in the local community from businesses and professionals.

On January 16, 1996 Bank of Ann Arbor opened its doors with 15 employees and one location.

Bank of Ann Arbor’s rapid growth necessitated two additional stock offerings in the first three years totaling $5.4 million with both of these offerings sold only to customers of the bank. The offerings sold out quickly.

Late in 1997, Bank of Ann Arbor opened a full service Trust Department in response to the strong demand from our clients.

By the end of 1998, our staff had grown to 40 along with assets of $113 million.

In 1999, we added 8,000 square feet to our downtown Ann Arbor location to meet the space needs for our growing mortgage and commercial lending teams. We also added electronic banking services for businesses and expanded our ATM network.

Our five year anniversary in 2000 saw us hitting the $186 million asset mark with over $143 million in assets under management by our Trust and Investment Management team.

The year 2001 saw the opening of our first branches. In February, an office opened in the Traver Village Shopping Center at the corner of Nixon and Plymouth Roads on the northeast side of Ann Arbor. This office featured extended banking hours and a drive-up ATM. In April our downtown Ypsilanti office opened on East Michigan Avenue in a newly renovated historical building in order to bring community banking to Ypsilanti.

Our third banking office opened in the late spring of 2002 on Washtenaw Avenue, across from the busy Arborland shopping center. In the fall of 2002, the Bank launched the Technology Industry Group to focus on the unique needs of the region's growing technology and life science business community. Also in 2002 we teamed up with a pair of experienced mortgage professionals to launch our Wholesale Mortgage Division.

At the beginning of 2003, our much-anticipated office at the corner of Stadium and Liberty in Ann Arbor opened. The new building replaced a string of failed restaurants and dramatically improved the look of the corner. A refinance boom started for our mortgage team with the dramatic drop of home loan rates.

June 2004 saw the start of the yield curve flattening with the Federal Reserve increasing short-term interest rates over the next 17 consecutive meetings. . Bank of Ann Arbor launched a Private Banking group to provide dedicated services to area professionals. Together our local Mortgage team and Wholesale Division closed over $415 million in loans, taking advantage of the continued low mortgage rates.

In January 2005, Timothy G. Marshall became Bank of Ann Arbor's President and CEO. Despite a slowing economy assets grew to $464 million with trust assets under management of $370 million. In October of 2005, construction began on a 17,000 square foot, state-of-the-art branch at Ellsworth and Airport Roads on Ann Arbor's southeast side. We continued to add experienced bankers to our team bringing our count to over 80 employees.

Our tenth anniversary in January 2006 was the beginning of one of the most challenging years in the Bank’s history. The Federal Reserve increased interest rates 17 times in a row negatively affecting the Bank’s margin and earnings. Anticipating a continued challenging economy, our management team began to aggressively reduce operating expenses and implement new tools to manage credit and asset/liability risk effectively. Focus on quality lending opportunities and core deposit growth ended the year with a very respectable net profit. In March an integrated marketing campaign launched that sums up what we do in one four letter word: Help. “Bank of Ann Arbor Helps” is more than an ad slogan; it truly reflects the attitude of our team toward our clients and community.

Our Ellsworth office opened in the fall of 2006 and included customer friendly features like sit-down teller stations, a community room for meetings, a coffee bar and comfortable library like sitting area with a fireplace for cold winter days.

In 2007, when “sub-prime loans” and “weak Michigan economy” became some of the most overused words, Bank of Ann Arbor continued to perform well especially when compared to our peers around Michigan and the nation. Assets grew to $475 million with trust assets under management surpassing $563 million. Technological improvements for the year included EasyDeposit, which allows commercial clients to make bank deposits without coming to the bank. Bank of Ann Arbor’s “Helps” campaign won an Excellence in Advertising designation from Independent Banker magazine.

2008 presented one financial challenge after another, each seemingly greater than the last. Our bottom line: Bank of Ann Arbor was profitable. Our state-of-the-art products and services include online deposit account opening, mobile banking from cell phones, continued growth of our remote deposit product, EasyDeposit, improvements in our online mortgage application system and the introduction of free business bill pay.

Despite the challenges the banking industry faced in 2009, Bank of Ann Arbor weathered the storm better than most financial institutions. While many reduced staff, closed offices and eliminated benefits, we added nine new full-time experienced banking professionals. Our mortgage teams continued to benefit from the low rate environment closing over $800 million in loans. The year ended with $542 in assets and trust assets under management of $633 million for a total of over $1.1 billion. Most importantly, earnings improved over the 2008 earnings performance during a year when over 40% of Michigan banks lost money.

In May 2010 with the assistance of the FDIC, Bank of Ann Arbor acquired the deposits and most of the assets of New Liberty Bank of nearby Plymouth, Michigan. This became our first office outside of Washtenaw County, fittingly located at 1333 W. Ann Arbor Road in Plymouth.

Bank of Ann Arbor’s continued strong performance throughout 2010 reflects our disciplined focus on the fundamentals and the unwavering support of our shareholders, clients and communities that we serve.


 
 
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