Ann Arbor Insurance Centre Acquires Arbor Insurance; University Bank Operations Update

Mar 02, 2020

ANN ARBOR, MI / ACCESSWIRE / March 2, 2020 / University Bancorp, Inc. (OTCQB:UNIB) today announced that University Bank's wholly-owned subsidiary, Ann Arbor Insurance Centre (AAIC) effective close of business on February 29, 2020 acquired the portfolio of insurance held by Arbor Insurance Agency for $687,362 cash. The customer relationships will be transferred to AAIC, adding 1,038 customers to AAIC's 2,955 customers for a total of 3,993 customers. This book of business generates just under $3,000,000 in premium dollars earning approximately $305,000 per year in commission revenue. In 2019, AAIC had $905,098 in insurance commission revenue. The combined agency is expected to have over $1,200,000 in insurance commission revenue in 2020, and to have the potential to earn over $300,000 in annual incentive commissions.

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