Ann Arbor State Bank is growing both in the money its lending and the staff its employing.
The 5-year-old bank, located n downtown Ann Arbor, has added employees in the last year, including positions in commercial lending and mortgage underwriting and operations, among others. The bank currently has a staff of 37 employees and the occasional intern.
"We had a pretty good growth year staff-wise," says Peter Schork, president & CEO of Ann Arbor State Bank
Ann Arbor State Bank now has $174 million in deposits, which is up from $153 million last year. It's grown its revenues by 25 percent in 2013 and increased its profitability by 15 percent.
Driving that growth is Ann Arbor State Bank's loan portfolio. The bank has watched its loans jump from $98 million last year to $116 million to kick off 2014. Part of that is the bank’s hire of a mortgage originator in 2012 that has aggressively grown the bank’s portfolio.
"We're doing a lot of (mortgages for) existing houses," Schork says. "Last year we did $7 million in construction loans. That’s equal to the total we had in our first three years."
Schork expects that trend to continue as the economy improves and Ann Arbor State Bank adds more employees to facilitate more revenue growth.
Source: Peter Schork, president & CEO of Ann Arbor State Bank
Writer: Jon Zemke