Bank of Ann Arbor Revenue and Competitors

In the summer of 1995, William M. Broucek and a group of prominent business people began the process of organizing the city's only local bank. Mr. Broucek had previously organized and opened a local bank in Ann Arbor in 1974. The applications for a new bank charter and for deposit insurance were both filed that summer and the banking office at 125 S. Fifth Avenue was purchased from Comerica Bank. Six Million Dollars of initial capital was raised in the local community from businesses and professionals and the bank opened its doors on January 16, 1996 with 15 employees and one location. The bank's rapid growth necessitated two additional stock offerings in the first three years totaling $5,400,000 and both of these offerings were sold only to customers of the bank.