ANN ARBOR, MI / ACCESS Newswire / October 30, 2026 / University Bancorp, Inc. (OTCQB:UNIB) or ("UNIB") announced that it closed today on the previously announced transaction to acquire 20% of UIF Corporation. UIF is a key subsidiary of University Bank, previously 80% owned, and now 100% owned by University Bank. The final terms at the closing of the transaction were different than the terms originally negotiated, which originally involved an all-stock stock swap.
In the transaction, UNIB issued 482,054 newly issued shares of UNIB common stock and in addition, paid $3,911,147.50 cash, to acquire the 20% of UIF that it did not already own. At September 30, 2026, UIF had shareholders' equity of $76,050,646. Minority Interest of $15,210,129 as of September 30, 2026 was acquired in the transaction. The acquisition therefore increases the shareholders' equity of UNIB by $11,298,981.70 as of September 30, 2026, had it closed then. The Tier 1 Capital of University Bank increases as a result of the acquisition by about $4 million going forward due to the elimination of the minority interest in UIF.
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 September 30, 2026, is available here: https://www.university-bank.com/wp-content/uploads/2026/10/3Q2026-UNIB-Detailed-Financial-Information.pdf.
University Bancorp's most recent quarterly earnings press release is available here: https://www.university-bank.com/2026/10/22/university-bancorp-3q2026-net-income-4919946-09-0-95-per-share/.
University Bank's and Bank of Whittier's FDIC Quarterly Call Reports, with substantial additional information including loan origination, loan investment composition, delinquency ratios and Tier 1 Capital ratios for September 30, 2026, will be available by October 30, 2026 here: https://cdr.ffiec.gov/public/ManageFacsimiles.aspx
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 Bank of Whittier, N.A., a bank located in Whittier, California;
- 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 $36 billion in financial assets for over 185,000 customers, and our 550 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 the recipient of USA Today's Top Workplace Award for several years in a row. University Bank is a Member FDIC. The members of University Bank's corporate family, ranked by their size of revenues are:
- UIF, a faith-based banking firm based in Southfield, MI;
- University Lending Group, a retail residential mortgage originator based in Clinton Township, 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.
CAUTIONARY STATEMENT: This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. These forward-looking statements reflect the Company's current views with respect to future events. Forward-looking statements include, but are not limited to, statements concerning future growth in assets, future profitability, efficiencies and economies of scale from mergers, the sustainability of past results, future products, valuations, economic, market or industry conditions, credit risks, vendor and technology related risks, 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. All forward-looking statements, express or implied, herein are qualified in their entirety by this cautionary statement.
Contact: Stephen Lange Ranzini, President and CEO
Phone: 734-741-5858, Ext. 9226
Email: ranzini@university-bank.com
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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-closes-on-the-acquisition-of-20-of-uif-corporatio-1244778
