University Bancorp in Ann Arbor, Mich., has bought certain assets from Huron Valley Financial, a mortgage lender in Ann Arbor.
The $295 million-asset company said in a press release Friday that its University Lending Group unit also hired 52 Huron employees, including residential loan officers and staff with experience in reverse mortgages and wholesale lending.
University, which paid about $255,000 for the assets, noted that its bank now has roughly 440 employees and offices in several Michigan cities.
“We see this alliance and association as bringing together two very skilled teams with similar cultures,” Stephen Ranzini, University’s president and CEO, said in the release.
“We will bring our unique customer service that provides underwriting decisions and underwriting condition waivers in 24 hours or less and the wider product menu … to this larger group of loan officers and their customers,” Ranzini added.
