Ann Arbor State Bank is growing on a number of different fronts, expanding its loan portfolio, adding to its staff and opening new offices.
The downtown Ann Arbor-based bank launched in 2009 and has grown to $187 million in assets with $153 million in deposits. It has grown its assets by $29 million in the last year, partly thanks to $20 million in new deposits over that same period.
"Our growth is easily filled with deposits," says Peter Schork, president & CEO of Ann Arbor State Bank
. "We have no triggers to stop making loans besides loan demand."
Ann Arbor State Bank opened a mortgage office in downtown Ann Arbor last year, which now has a staff of 10 people. The bank also opened a loan office in Jackson with a staff of two people. Its commercial loans have grown from $83 million last year to $103 million today.
"We have done very well in terms of growth and loan portfolio," Schork says.
Ann Arbor State Bank has hired seven people in the last year. It now has a staff of 32 employees and the occasional intern.
Source: Peter Schork, president & CEO of Ann Arbor State Bank
Writer: Jon Zemke
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