Innovation & Job News

Ann Arbor State Bank finishes 1st year with 5 new hires

Wednesday, February 03, 2010

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Ann Arbor

With a little more than a year into its operations, Ann Arbor State Bank is picking up the slack as other banks remain gun shy about, well, banking.

The downtown Ann Arbor-based bank opened in one of the worst financial environments in modern memory, and it has surpassed most of its goals when it comes to deposits, making bank loans and extending lines of credit. Oh, and it hired another five people and plans to do so again this year.

"We actually exceeded our loan and deposit volume goals," says Peter Schork, president of Ann Arbor State Bank. "That's due to the current environment and that generally banks are not lending. We are."

Ann Arbor State Bank closed $58 million in deposits, $48 million in loans, including $18 million in residential loans. It serviced about 1,000 customers. Around 95 percent of the bank's business consisted of commercial loans to small businesses, owner-occupied residences and home-equity lines of credit.

The company started with 16 employees and has grown to 21 today. Schork expects the bank's growth to continue this year, allowing it add another 3-5 employees.

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