UNIVERSITY BANCORP DL-,01

University Bancorp has received all regulatory approvals to increase its stake in Greater Pacific Bancshares from 8.93% to 100%; closing is scheduled for July 1, 2026. The total purchase price for 100% is about $36.78 million and Greater Pacific will be merged into University Bancorp, with the Bank of Whittier becoming a wholly owned subsidiary. University Bancorp plans to retain all employees of the Bank of Whittier, expects to transfer residential mortgage servicing to Midwest Loan Services, and announced leadership changes: Stephen Lange Ranzini is to become chairman and CEO of the Bank of Whittier, and Gerhard Naude will be CEO of University Bank. The Bank of Whittier has about $60 million in liquid assets; University Bancorp’s stock rose 37% over the past year and trades at a price-to-book ratio of 0.87, below book value. » Más en de.investing.com