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2004 News Room Archive
News Archives
12/5/2004
- Committed to the Ypsilanti Community (PDF)
- Ypsilanti Area Chamber of Commerce
11/5/2004
- Bank of Ann Arbor's Bill Broucek Looks Back on His Career (PDF)
- Ann Arbor Regional Person-To-Person
10/21/2004
- Executive Profile,Tim Marshall, President & COO of Bank of Ann Arbor (PDF)
- Ann Arbor Regional Person-To-Person
9/22/2004
7/15/2004
7/1/2004
5/20/2004
5/1/2004
3/30/2004
2/5/2004
Officer Promotion
9/22/2004
Bank of Ann Arbor is pleased to announce the following promotion: Carl Ent was appointed Assistant Vice President and Mortgage Loan Officer. Carl joined Bank of Ann Arbor in August 2002. Prior to coming to Bank of Ann Arbor, Carl was General Sales Manager for Naylor Motor Sales for 2 years, and was previously in law enforcement for a number of years. He held the position of Chief of Police for the City of Ann Arbor from 1995 - 2000.
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New President Announced
7/15/2004
William M. Broucek, President and CEO of Bank of Ann Arbor announced today that following 46 years in the field of banking he has decided to retire on or about January 15, 2005. Mr. Broucek has been President and CEO of Bank of Ann Arbor since 1995 when he founded the bank with the support of several local business leaders.
Mr. Broucek commented, "I have had the good fortune of being able to start two banks in Ann Arbor and both have been very successful. I am very grateful for the opportunities that I have had to work for the last 37 years in the Ann Arbor banking community. I am planning to stay on the Board of Directors following my retirement as CEO and will continue to do all that I can to help the bank grow and prosper."
At their June meeting the Board of Directors elected Timothy G. Marshall as President, COO and a Director of Arbor Bancorp and Bank of Ann Arbor effective July 15, 2004. Tim comes from Salin Bank & Trust, a family-owned community bank operating solely in Indiana with over $800 million in assets in 31 locations. He holds a Bachelors degree from Purdue University and a MBA degree from Butler University. He began his banking career in 1981 and has steadily risen to higher positions. For the last six years he has been operating as the President of Salin Bank during which time the bank has grown significantly in both assets and earnings.
"I am excited about the opportunity to join Bank of Ann Arbor, an institution built on exceptional customer service delivered by dedicated banking professionals, local ownership, and decision-making based right here in Ann Arbor," said Tim Marshall, the newly appointed President and Chief Operating Officer.
"The growth and development of this community bank over the past eight years speaks volumes for the skills of the team assembled by Bill Broucek and the acceptance by the community of a locally owned and operated financial institution. I am honored to follow in the footsteps of Mr. Broucek who has built a banking legacy unmatched in this town," commented Mr. Marshall.
"My familiarity with the Ann Arbor community dates back many years. My father was born and raised in Detroit and my grandfather worked his whole career in the Detroit area for the National Bank of Detroit, which brought our family to this area to summer vacation and visit with extended family and friends. I look forward to working in this wonderful community and giving my time and energy to the continued economic development of the greater Washtenaw County area," stated Mr. Marshall.
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Second Quarter Letter to Shareholders
7/15/2004
Your bank enjoyed record earnings in the second quarter of 2004 with net income of $1,267,000 or $1.32 per share. This brought earnings for the first six months of 2004 to $2,255,000, compared to $1,922,000 in 2003, which is an increase of 17.3%. On a per share basis, the first six months results were $2.36 compared to $2.03 for 2003, an increase of 16.3%. For the first six months, our return on assets was 1.21% and our return on equity was 14.96%.
On a year-to-year basis, deposit growth totaled $56 million or 19% and loans grew by $28 million or 12%. Commercial loans continue to experience significant growth, increasing over $51 million or 37% from last year. The credit quality of the bank's loan portfolio remains very strong with past due loans totaling just 0.4% of outstanding loans.
The Federal Reserve raised the overnight rate 25 basis points to 1.25% on June 30, 2004. This was the first increase in rates since May 2000. The overnight lending rate was at its lowest level since 1958. Following that action your bank increased its prime rate 25 basis points to 4.25%. The rise in rates is welcome news as the bank's net interest margin will benefit as rates increase.
I am saddened to report the deaths during June 2004 of two of the bank's founding Directors, Mr. Robert Teeter and Mr. Rolland B. Lyons. Both of these men made very significant contributions to the success of our bank and both will be greatly missed by all of the staff and the Board.
Having recently completed 46 years in the field of banking, the last nine of which were with the Bank of Ann Arbor, I have decided to retire on or about January 15, 2005. I have had the good fortune of being able to start two banks in Ann Arbor and both have been very successful. I am planning to stay on the Board of Directors following my retirement as CEO and will continue to do all that I can to help the Bank grow and prosper.
At our June meeting the Board elected Mr. Timothy G. Marshall as President, COO and a Director of Arbor Bancorp and Bank of Ann Arbor effective July 15, 2004. Tim is coming to us from Salin Bank & Trust, a family-owned community bank operating solely in Indiana with over $800 million in assets in 31 locations. He holds a Bachelors degree from Purdue University and an MBA degree from Butler University. He began his banking career in 1981 and has steadily risen to higher positions. For the last six years he has been operating as the President of Salin Bank during which time the bank has grown significantly in both assets and earnings.
We continue to see the opportunity to grow our business in all areas as our economy steadily improves. I want to thank all of the loyal shareholders for the business that you do with the bank and please keep the referrals coming.
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Bank of Ann Arbor on Fast Track to Success
5/20/2004
On May 20, 2004, Bank of Ann Arbor received the Washtenaw Development Council's FastTrack Award for the fifth year in a row.
The seventh annual awards program recognizes for-profit entrepreneurial companies in all business sectors. To be eligible to receive a FastTrack Award, a company must be based in Washtenaw County and register at least $100,000 in gross revenues in 2000 with average growth of 20% or more for the following three years.
"We are pleased to receive commendation for our success from the local business community," said William M. Broucek, President and CEO. "This award demonstrates that good things come to those who provide superior customer service."
The Washtenaw Development Council is an economic development organization that provides information and services to new, existing, and relocating businesses in Washtenaw County.
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New Checking Account Just for Small Businesses
5/1/2004
Bank of Ann Arbor is pleased to announce the introduction of a new checking account to meet the growing needs of small businesses in Washtenaw County.
The Small Business Checking account features a low minimum balance, low opening deposit, generous activity limits and free online banking. "By offering a small business checking account we are now able to meet the needs of almost any local business," said William M. Broucek, President & CEO of Bank of Ann Arbor. "Our small business checking accounts will be particularly appealing to the many of professional, technical and scientific businesses in our community who need to use their cash to keep their businesses growing.
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Bank of Ann Arbor Hits $400,000,000!
5/1/2004
Bank of Ann Arbor is pleased to announce that on March 30, 2004 it reached the mark of $400,000,000 in assets.
"Such strong steady growth is evidence of our service quality and strong commitment to the community," said William M. Broucek, President and CEO. "This milestone is an outstanding accomplishment for a bank that is just barely eight years old. We are now looking forward to the $500,000,000 milestone."
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New Board Member Appointed
2/5/2004
Bank of Ann Arbor is pleased to announce the appointment of James (Jim) Anderson, Jr. to its Board of Directors. Mr. Anderson is the Owner and President of The Anderson Associates, area realtors specializing in residential and commercial real estate.
"With 27 years of experience in local real estate, Jim's business guidance will be valuable to the continued growth of Bank of Ann Arbor," stated William Broucek, President and CEO of Bank of Ann Arbor.
A lifetime Ann Arbor resident, Mr. Anderson has been actively involved in the community through the Board of Trustees of Washtenaw Community College, the founding of Washtenaw Technical Middle College, as well as serving on the Board of Directors for the NEW Center and Ann Arbor Chamber of Commerce.
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