University Bancorp Sets Annual Meeting Date as April 30, 2012 Noon EDT
April 24 2012 - 12:18PM
Marketwired
University Bancorp, Inc. (OTCQB: UNIB) (PINKSHEETS: UNIB) announced
today that its 2012 annual shareholder meeting has been scheduled
for April 30, 2012, beginning at Noon EDT at University Bank's
headquarters at 2015 Washtenaw Avenue, Ann Arbor. Shareholders of
record as of the close of business April 23, 2012 will be entitled
to vote. As a measure to economize and save the shareholders money,
no proxies will be solicited for the meeting by the company.
The following items are on the agenda (the agenda, resolutions
and related information are available at
www.university-bank.com/annual_meeting.html):
1. The election of the board of directors for a one year term.
All six current directors have been proposed and have agreed to
stand for re-election; 2. A resolution to allow us to extend the
maturity date of the bank holding company's 9% preferred stock for
two years, from April 30, 2012 to April 30, 2014; and 3. A
resolution allowing the board to change the terms of any
outstanding issue of preferred stock in the future without having
to get a vote of the shareholders. This would avoid needing
shareholders to vote on resolutions like the second resolution at
this annual meeting, in the future, to save on legal costs.
University Bancorp also announced today that preferred
shareholders representing all but $17,770 of the company's
outstanding 9% preferred stock have agreed and signed proxies to
approve the resolution to extend the maturity date of the preferred
stock by two years. The shares that have not agreed to the
extension will be retired from funds available from the company's
general working capital prior to April 30th, to enable a unanimous
vote required of the remaining shares to extend the maturity date
as proposed. Following the redemption, the company will have 96,360
shares of 9% preferred stock outstanding, with a par value of
$963,600.
Ann Arbor-based University Bancorp owns 100% of University Bank.
Founded in 1890, University Bank® is proud to be selected as the
"Community Bankers of the Year" by American Banker magazine, the
recipient of the American Bankers Association's "Community Bankers
of the Year" Award and as the second fastest growing business of
any type in the Greater Detroit Region by Crain's Detroit Business
in 2009. As of 3/31/2012, University Bank was managing $10.8
billion in financial assets for its customers.
Full financial information is available at:
http://www.university-bank.com/Bancorp.html.
Contact: Stephen Lange Ranzini President and CEO Phone:
734-741-5858, Ext. 226 Email: Email Contact
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