Ann Arbor State Bank is making significant strides forward with its bottom line and is expanding its product offerings... and staff.
The downtown Ann Arbor-based bank has made about 90 percent of its profits from commercial and mortgage lending. It is now adding private banking and leasing services to its portfolio. The leasing services would focus on commercial and equipment leases for businesses.
"It's a small piece but we hope it will become a big piece," says Peter Schork, president & CEO of
Ann Arbor State Bank.
The 6-year-old bank has grown its staff, adding six new hires over the last year. It currently has a staff of 37 employees and one intern. Its new hires include professionals specializing in mortgage lending, private banking, and commercial leasing.
Ann Arbor State Bank has grown quite a bit over the last year, going from $205 million in total assets to $230 million in total assets by the end of 2014. Schork expects the community bank to make similar gains this year.
"We had a great year," Schork says. "A very profitable year."
Source: Peter Schork, president & CEO of Ann Arbor State Bank
Writer: Jon Zemke
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