University Bancorp Declares Increased Quarterly Dividend

Rhea-AI Summary

University Bancorp (OTCQB:UNIB) has declared a quarterly cash dividend of $0.075 per share, payable on April 23, 2021, to shareholders of record on March 23, 2021. This marks an increase from the previous dividend of $0.05 per share. The company manages over $34 billion in financial assets for more than 177,000 customers and ranks as the 5th largest bank in Michigan. Investors can access updated financial information and investor presentations on their investor relations website.

Positive

• Increased quarterly dividend from $0.05 to $0.075, enhancing shareholder income.
• Management of over $34 billion in financial assets reflects strong financial position.

Negative

• None.

ANN ARBOR, MI / ACCESSWIRE / March 18, 2021 / University Bancorp, Inc. (OTCQB:UNIB) today announced that its Board of Directors has declared a quarterly cash dividend on its common stock of $0.075 per share payable on April 23, 2021, to shareholders of record on March 23, 2021. This is an increase from the prior quarterly dividend rate of $0.05 per share.

The Company has posted an updated Investor Presentation PowerPoint as well as a new one-page investor summary document on its investor relations website. Shareholders and investors are encouraged to refer to the financial information including the investor presentations, detailed income statements and balance sheets, audited financial statements, strategic plan and prior press releases, available on our investor relations web page at: http://www.university-bank.com/bancorp/.

Ann Arbor-based University Bancorp owns 100% of University Bank which, together with its Michigan-based subsidiaries, holds and manages a total of over $34 billion in financial assets for over 177,000 customers, and our over 500 employees make us the 5^th largest bank based in Michigan. University Bank is an FDIC-insured, locally owned and managed community bank, and meets the financial needs of its community through its creative and innovative services. Founded in 1890, University Bank^® is the 15^th oldest bank headquartered in Michigan. We are proud to have been selected as the "Community Bankers of the Year" by American Banker magazine and as the recipient of the American Bankers Association's Community Bank Award. University Bank is a Member FDIC. The members of University Bank's corporate family, ranked by their size of revenues are:

• University Lending Group, a retail residential mortgage originator based in Clinton Township, MI;
• Midwest Loan Services, a residential mortgage subservicer based in Houghton, MI;
• UIF, a faith-based banking firm based in Southfield, MI;
• Community Banking, based in Ann Arbor, MI, which provides traditional community banking services in the Ann Arbor area;
• Midwest Loan Solutions, a reverse residential mortgage lender and warehouse lender based in Southfield, MI;
• Ann Arbor Insurance Centre, an independent insurance agency based in Ann Arbor.

CAUTIONARY STATEMENT: This press release contains certain forward-looking statements that involve risks and uncertainties. Forward-looking statements include, but are not limited to, statements concerning future growth in assets, pre-tax income and net income, budgeted income levels, the sustainability of past results, mortgage origination levels and margins, valuations, and other expectations and/or goals. Such statements are subject to certain risks and uncertainties which could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including, but not limited to, economic, competitive, governmental and technological factors affecting our operations, markets, products, services, interest rates and fees for services. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. We undertake no obligation to update any information or forward-looking statement.

Contact:
Stephen Lange Ranzini, President and CEO
Phone: 734-741-5858, Ext. 9226
Email: ranzini@university-bank.com

SOURCE: University Bancorp, Inc.

View source version on accesswire.com:
https://www.accesswire.com/636368/University-Bancorp-Declares-Increased-Quarterly-Dividend

FAQ

What is the dividend amount declared by University Bancorp (UNIB)?

University Bancorp has declared a quarterly cash dividend of $0.075 per share.

When will the dividend be paid to shareholders of University Bancorp (UNIB)?

The dividend will be payable on April 23, 2021.

What is the record date for the University Bancorp dividend?

The record date for the dividend is March 23, 2021.

How much financial assets does University Bancorp (UNIB) manage?

University Bancorp manages over $34 billion in financial assets.

How can I access the latest financial information for University Bancorp (UNIB)?

Updated financial information can be accessed on their investor relations website.