ANN ARBOR, MI--(Marketwire -04/24/12)- University Bancorp, Inc. (UNIB.PK - News) (UNIB.PK - News) 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.