ANN ARBOR, MI / ACCESSWIRE / June 18, 2021 / University Bancorp, Inc. (OTCQB:UNIB) today announced that its President & CEO, Stephen Lange Ranzini, who also serves as President & CEO of the Company's wholly-owned subsidiary, University Bank, was selected by Crain's Detroit Business as one of "Crain's 2021 Notable Executives in DEI" [Diversity, Equity and Inclusion]. Among the reasons why Mr. Ranzini was selected for this award, the article quotes Alma Wheeler Smith, former Michigan State Senator and Michigan State Representative, stating:
Stephen was forward-looking: tackling the poverty-ensuring legacy of redlining in Ypsilanti, creating religious-compliant, no-interest loan programs for Muslim borrowers, and putting women and minorities on the bank's board before demands for racial and gender equity drove other banks to introduce those changes. That's leadership, and it's powerful and empowering.
Ronnie D. Peterson, the current Michigan State Representative for District 54, which encompasses Ypsilanti and Ypsilanti Township, congratulated Mr. Ranzini on this award and noted:
“I have served my hometown of Ypsilanti as an elected official at the local, county and state level for the better part of the last four decades. Over the course of my career, I have encountered no one in the financial community who has displayed a greater commitment to diversity and social equity than University Bank President and CEO, Stephen Ranzini. Stephen has led the charge to eradicate mortgage redlining in Ypsilanti and, under his leadership, both minority homeownership and local property values have seen marked increases. Stephen Ranzini has demonstrated through his policies and actions that good corporate citizenship and profitability are not mutually exclusive objectives. He recognized the promise and trusted the integrity of the people of Ypsilanti when no other financial institution could, and the area's resurgence in recent years is due, in large part, to the good work of Mr. Ranzini and University Bank.”
The full text of the article is available at: https://www.crainsdetroit.com/awards/stephen-ranzini-notable-executives-de.
Ann Arbor-based University Bancorp owns 100% of University Bank which, together with its Michigan-based subsidiaries, holds and manages a total of over $36 billion in financial assets for over 187,000 customers, and our over 545 employees make us the 5th largest bank based in Michigan. University Bank is an FDIC-insured, locally owned and managed community bank, and meets the financial needs of its community through its creative and innovative services. Founded in 1890, University Bank® is the 15th oldest bank headquartered in Michigan. We are proud to have been selected as the 'Community Bankers of the Year' by American Banker magazine and as the recipient of the American Bankers Association's Community Bank Award. University Bank is a Member FDIC. The members of University Bank's corporate family, ranked by their size of revenues are:
- University Lending Group, a retail residential mortgage originator based in Clinton Township, MI;
- Midwest Loan Services, a residential mortgage subservicer based in Houghton, MI;
- UIF, a faith-based banking firm based in Southfield, MI;
- Community Banking, based in Ann Arbor, MI, which provides traditional community banking services in the Ann Arbor area;
- Midwest Loan Solutions, a reverse residential mortgage lender and warehouse lender based in Southfield, MI;
- Ann Arbor Insurance Centre, an independent insurance agency based in Ann Arbor.
CAUTIONARY STATEMENT: This press release contains certain forward-looking statements that involve risks and uncertainties. Forward-looking statements include, but are not limited to, statements concerning future growth in assets, pre-tax income and net income, budgeted income levels, the sustainability of past results, mortgage origination levels and margins, valuations, and other expectations and/or goals. Such statements are subject to certain risks and uncertainties which could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including, but not limited to, economic, competitive, governmental and technological factors affecting our operations, markets, products, services, interest rates and fees for services. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. We undertake no obligation to update any information or forward-looking statement.
Stephen Lange Ranzini, President and CEO
Phone: 734-741-5858, Ext. 9226
SOURCE: University Bancorp, Inc.
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