On Wednesday, May 18, 2016, Ann Arbor State Bank held a groundbreaking ceremony for its third branch location. The new branch will be located at 3930 South State Street, Ann Arbor, and is scheduled to open in late 2016.
Peter Schork, co-founder, President and CEO of Ann Arbor State Bank said the 7-year-old bank selected the branch location because it’s in an area with a high level of business activity coupled with strong growth.
“Those are both very good things for banks and bank branches,” Schork said.
The bank’s emphasis on serving small and medium size local businesses, along with focusing on personal customer contact that is lacking at larger banks, has driven Ann Arbor State Bank’s growth and success, according to Schork.
Ann Arbor State Bank has its headquarters in downtown Ann Arbor. The bank opened its second branch in Jackson, Michigan in the winter of 2015. Approximately 95 percent of the bank’s customers are located in Washtenaw and Jackson counties.
“A lot of banks are eliminating their branches because they have too many. For us, opening branches is a tremendous opportunity to get our name out there and to have even more contact with local customers. We’re definitely bucking the trend by opening branches,” Schork said. “The Ann Arbor market is good, especially in south Ann Arbor and Pittsfield Township, which is now a growing business and retail corridor. This area on State Street has a lot of development activity going on, and we want to be a part of it.”
Be sure to check out Facebook for progress on the new construction.