University Bancorp, Inc.: University Bancorp Receives All Regulatory Approvals for Acquisition of Greater Pacific Bancshares & its Subsidiary Bank of Whittier, N.A.

Closing Scheduled for July 1, 2026

ANN ARBOR, MI / ACCESS Newswire / May 28, 2026 / University Bancorp, Inc. (OTCQB:UNIB or "UNIB") announced that it has received all regulatory approvals required to increase its ownership in Greater Pacific Bancshares ("GPB") from the current level of 8.93% to 100%. The closing of the purchase of the additional shares in GPB is scheduled for July 1, 2026. At the end of the acquisition and merger process, GPB will be merged into UNIB and Bank of Whittier, N.A., of Whittier, CA ("BOW"), will become a wholly-owned subsidiary of UNIB.

The total purchase price for the purchase of 100% of GPB is anticipated to be $36,779,800. The key financial terms of the acquisition of Greater Pacific Bancshares ("GPB") are available at this link: https://www.university-bank.com/wp-content/uploads/2025/12/press-189-Supplement.pdf.

GPB, BOW and LARIBA received legal assistance in support of the transaction from Gary Steven Findley and Associates. Hillworth Bank Partners provided a fairness opinion to the board of directors of GPB.

UNIB received legal assistance in support of the transaction from Varnum LLP.

Rationale:

From a strategic perspective, the acquisition of GPB and BOW provides many opportunities including:

• Expanded ability for UIF to provide faith-based financing in the United States;

• Complementary products and services;

• Economies of scale to facilitate growth and roll-out of additional products. Current products include:

  1. Faith-based FDIC-insured time, savings and checking deposit accounts;

  2. Faith-based home financing;

  3. Faith-based commercial real estate financing;

  4. Faith-based vehicle financing;

  5. Faith-based FDIC-insured tax advantaged IRA deposit accounts.

Plans for BOW

Because human capital is critical to the success of the faith-based financial services industry in the U.S., and because of the expected increased growth rate of the combined enterprise, UNIB anticipates retaining all employees of BOW. Following the closing, Stephen Lange Ranzini, the President & CEO of UNIB and Julie Burzynski, the President of UIF, will join the board of BOW representing UNIB, in addition to the current directors of BOW. It is anticipated that Stephen Lange Ranzini will be become the Chairman and CEO of BOW in addition to the current executives of BOW, led by the current President of BOW, Alexandra Dang. Gerhard Naude, currently COO of University Bank, will become the CEO of University Bank, and Stephen Lange Ranzini will retain his current title at University Bank of President.

After the Closing UNIB anticipates increasing the profitability of BOW and UNIB anticipates that the transaction will be accretive to earnings per share over time. It is anticipated that the residential servicing performed by BOW will be transferred to Midwest Loan Services, a division of University Bank, which is a wholly-owned subsidiary of UNIB, achieving significant economies of scale. BOW currently has approximately $60 million of cash and cash equivalents on deposit at the Federal Reserve Bank and other banks which UNIB believes can be used for faith-based portfolio financings which is anticipated to generate greater profitability.

UNIB has no plans to consolidate Bank of Whittier, N.A. and University Bank.

About UNIB

Ann Arbor-based University Bancorp is a Federal Reserve regulated financial holding company that owns:

• 100% of University Bank, a bank based in Ann Arbor, Michigan;

• 100% of Crescent Assurance, PCC, a captive insurance company licensed in Washington DC; and

• 100% of Hyrex Servicing, a master mortgage servicing firm, based in Ann Arbor, Michigan.

University Bank together with its Michigan-based subsidiaries, holds and manages a total of over $35 billion in financial assets for over 180,000 customers, and our 533 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 quality, 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, as the recipient of the American Bankers Association's Community Bank Award and as a USA TODAY Top Workplace. 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;

• UIF, a faith-based banking firm based in Southfield, MI;

• Midwest Loan Services, a residential mortgage subservicer based in Houghton, MI;

• Community Banking, based in Ann Arbor, MI, which provides traditional community banking services and wealth management;

• Ann Arbor Insurance Centre, an independent insurance agency based in Ann Arbor, MI.

• Mortgage Warehouse Lending, a mortgage warehouse lender based in Southfield, MI.

In addition, University Bank owns 49.999% of Credit Union Trust, a trust bank and wealth manager based in Troy, MI.

Shareholders and investors are encouraged to refer to the financial information including the investor presentations, audited financial statements, strategic plan and prior press releases, available on our investor relations web page at: http://www.university-bank.com/bancorp/.

A detailed income statement, balance sheet and other financial information for UNIB and University Bank as of 3/31/2026 is available here: https://www.university-bank.com/wp-content/uploads/2026/04/UNIB-University-Bank-Detailed-Financial-Supplemental-Information-March-2026.pdf.

University Bank's FDIC Quarterly Call Report, with substantial additional information including loan origination, loan investment composition, delinquency ratios and Tier 1 Capital ratios for 3/31/2026 is available here: https://cdr.ffiec.gov/public/ManageFacsimiles.aspx

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, future profitability, efficiencies and economies of scale from the merger, the sustainability of past results, future products, valuations, economic, market or industry conditions, 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, or the operations of companies that we invest in. 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.

Contact: Stephen Lange Ranzini, President and CEO
Phone: [phone], Ext. 9226
Email: [e-mail]

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SOURCE: University Bancorp, Inc.

View the original press release on ACCESS Newswire:
https://www.accessnewswire.com/newsroom/en/banking-and-financial-services/university-bancorp-receives-all-regulatory-approvals-for-acquisition-1171720