Bank of Ann Arbor is seems to come up with new ways to grow each year with its newest innovation comes from acquiring Ervin Leasing Co, an equipment leasing and financing firm.
The Ann Arbor-based firm and its 15 employees were a subsidiary of
Ervin Industries. It successfully navigated through the last recession and was ready to ramp up business when its lines of credit, about $100 million, were sidelined. Bank of Ann Arbor will now provide funding for that growth.
"It's an opportunity for us to add some diversification to our loan portfolio," says Tim Marshall, president & CEO of
Bank of Ann Arbor.
Bank of Ann Arbor has been consistently growing its core business, too, over the last few years. Its total assets have expanded from $689 million in 2010 to $774 million in 2011 and $889 million in 2012. It has hired about a dozen people over the last year, bringing its staff to 148 full-time employees.
Bank of Ann Arbor is also about to expand the reach of its branches. The downtown Ann Arbor-based bank plans to open a new branch in Saline early this year, which will mean another five new jobs. Bank of Ann Arbor. The bank also plans to expand the staff of Ervin Leasing Co by more than double in the coming years.
"Our goal is to be at 35 employees there within the next 36 months," Marshall says.
Source: Tim Marshall, president & CEO of Bank of Ann Arbor
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.
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