Ann Arbor State Bank Plans to Excel During Credit Crisis

There is at least one bank that is not sweating the credit crisis – Ann Arbor State Bank is looking forward to finding their niche with the local marketplace.  The bank’s charter was approved recently by the State’s Office of Financial and Insurance Regulation based on a conditional OK from the Federal Deposit Insurance Corporation (FDIC).  The bank has already raised the $10 million in startup capital required by the FDIC so all indications for approval are positive.  The seed money comes from the shareholders all of whom have local ties.

The new bank will inhabit the old Anderson Paint building on William Street.  They plan to open the doors by the end of the year and are looking forward to serving local needs.  Their lending focus will target medical, professional and long-term retail centers.  They will also look to help local businesses with between five and one hundred employees.  Ann Arbor State Bank believes that the best way to support growth is for small community banks to support local people.

Several other Ann Arbor community banks are well positioned to weather the storm having made safe investments and having had less exposure to bad real estate loans versus larger institutions.  Ann Arbor State Bank would be the first to be chartered in Ann Arbor this year.

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