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Ann Arbor State Bank raises $5M for commercial lending

Ann Arbor State Bank recently raised $5 million in new capital to expand its commercial lending capability and continue its current growth spurt.

The downtown Ann Arbor-based bank, which turns three years old in January, has gone from 15 employees when it started to 30 employees, an intern, and a stable of independent contractors today. It has hired about a half dozen people so far this year and expects to keep growing at this pace for at least the next year, thanks to the new capital infusion.

"It gives us an opportunity to continue to grow at a good clip," says Bill Broucek, chairman and CEO of Ann Arbor State Bank.

Ann Arbor Bancorp is the parent company of Ann Arbor State Bank. Broucek says Ann Arbor State Bank is now a $150 million bank and will use its new-found capital to expand its commercial-lending operations, providing more loans for local businesses.

"That's our market," Broucek says. "That's our strategy."

Source: Bill Broucek, chairman and CEO of Ann Arbor State Bank
Writer: Jon Zemke
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  • Ann Arbor State Bank
    125 W William
    Ann Arbor, MI 48104 Website
    Ann Arbor State Bank is a newly established bank in downtown Ann Arbor that focuses on providing banking services and offering loans for residences, cars, small businesses and other ventures. It was founded in 2009.