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University Bancorp, Inc., established in 1890 and headquartered in Ann Arbor, Michigan, functions as the holding company for University Bank. This entity delivers a wide array of financial and banking solutions across the United States, serving personal, commercial, and community needs. Its product portfolio includes various deposit account options, such as checking, NOW, savings, money market, time deposit, and certificates of deposit (CDs). For individuals, the company facilitates loans including home equity, short-term, automobile, personal, and recreational vehicle financing, along with home equity lines of credit. Businesses and non-profit groups can access commercial real estate loans, equipment financing, small business loans, and working capital lines of credit. Additionally, the company offers an assortment of supplementary services like foreign currency exchange, comprehensive online banking with bill payment functionalities, convenient online check reordering, wire transfers, courier services, and access to credit cards and ATMs. Clients can also secure various insurance coverages, including life, health, property, and casualty policies, alongside investment products such as annuities.
University Bancorp Receives All Regulatory Approvals for Acquisition of Greater Pacific Bancshares & its Subsidiary Bank of Whittier, N.A.
University Bancorp has received all regulatory approvals to complete its acquisition of Greater Pacific Bancshares and its subsidiary Bank of Whittier, N.A., with closing scheduled for July 1, 2026.
The total purchase price for 100% of GPB is approximately $36.8 million. Upon closing, GPB will merge into UNIB, and Bank of Whittier will become a wholly-owned subsidiary, expanding UNIB's faith-based banking capabilities.
The transaction is expected to be accretive to earnings per share over time. UNIB plans to retain all BOW employees and transfer residential servicing to its Midwest Loan Services division to achieve economies of scale.