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Ann Arbor State Bank achieves profitability in second year, adds staff

Wednesday, February 02, 2011

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Finance

Ann Arbor

When Ann Arbor State Bank records its second year's performance it uses black ink, thanks to double-digit growth in a number of areas.

The downtown Ann Arbor-based bank grew from a $71 million institution in December, 2009 to a $105 million a year later, a nearly 50 percent gain. It hopes to grow by another $40 million in 2011. Deposits during that time jumped from $58 million to $88 million and loans increased from $43 million to $65 million.

That all added up to an $800,000 profit in 2010.

"It was our first profitable year," says Bill Broucek, chaiman & CEO of Ann Arbor State Bank. "It was twice what we thought we would make in year two."

The Ann Arbor State Bank's bottom line isn't the only thing that grew last year. It also hired six people, expanding its staff to 28 people. Broucek said those staff members, along with the problems with the banking industry at the national level, have made it possible for Ann Arbor State Bank to stand out early.

"It's mainly the service level and the problems in the banking industry now," Broucek says. "We are new so we don't have any bad loans. The service level is much different than the service you get at a national bank. We greet all of our customers by their first name."

Source: Bill Broucek, chaiman & CEO of Ann Arbor State Bank
Writer: Jon Zemke

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