Development News

Work begins on first home for new Ann Arbor State Bank in downtown

Wednesday, August 20, 2008

Related Tags

Ann Arbor

Work has begun on the home of what Peter Schork hopes will be Ann Arbor's newest local bank � Ann Arbor State Bank.

The bank, which expects to receive state approval to operate in mid October, is making its home in the old Anderson Paint building in downtown. Construction workers are transforming the building on William Street next to the BP gas station into a retail bank location.

"It will have more of a commercial bank feel," says Peter Schork, acting president of Ann Arbor State Bank. "For instance, the tellers will have desks instead of windows."

Schork and his partners see an opportunity to break into a banking scene heavy on national banks but thin on local options. The plan is to capture 1-2 percent of the local market within three years, which equates to $60-$100 million in deposits.

But before that can happen the bank needs to open, which is expected to happen by November. The newly refurbished 9,200-square-foot building will house 15-17 initial employees with room to grow.

Source: Peter Schork, acting president of Ann Arbor State Bank
Writer: Jon Zemke