Bank of Ann Arbor announced on January 2, 2013 that it has acquired Ervin Leasing Company, a privately held national equipment leasing and finance company founded in 1978 and headquartered in Ann Arbor, Michigan.

Ervin Leasing, a subsidiary of parent company Ervin Industries, has been a highly successful and growth oriented leasing company since its founding in 1978. After successfully navigating the economic downturn in 2008 and 2009, the company began to ramp up sales in 2010. However, Ervin Leasing’s funding sources, previously providing lines of credit in the range of $100 million, remained on the sidelines, leading to Ervin Industries’ decision to seek out a new owner who could provide funding for growth. After seeking proposals from banks and private equity firms, Bank of Ann Arbor was chosen as the successor to Ervin Industries as the new owner of Ervin Leasing.

“We are super excited about this opportunity to join forces with Ervin Leasing and further diversify our product offerings,” said Timothy G. Marshall, Bank of Ann Arbor’s President & CEO. “Bank of Ann Arbor has a substantial level of liquidity to fund the anticipated growth of the newly acquired leasing company. Having done business with Ervin Leasing for over ten years, we know the company very well and admire the strong and experienced management team and its seasoned employees who will all join our Bank of Ann Arbor team.”

“We chose Bank of Ann Arbor as the new owner of Ervin Leasing based on our strong desire to affiliate with a company who would hire all of our local staff, has a similar culture that is growth oriented and a great place to work, and has an impeccable reputation,” said Bruce Gaffney, President and CEO of Ervin Leasing   “We also have maintained a very strong credit culture over the history of the company which is similar to the credit culture at Bank of Ann Arbor. I am confident that our companies will be a great fit for years to come.”

Ervin Leasing will remain at its current office location at 3893 Research Park Dr., Ann Arbor, Michigan. Customers who have questions about today’s transaction may call Ervin Leasing at 734-332-5400.

For more information contact:

Timothy Marshall, Bank of Ann Arbor (734)662-1600

Bruce Gaffney, Ervin Leasing (734)332-5400

About Bank of Ann Arbor

Bank of Ann Arbor is a locally owned and operated bank with total assets and assets under management of over $1.5 billion, serving people and businesses in the Ann Arbor area with offices at the corner of Fifth Avenue and Washington Street in downtown Ann Arbor, in the Traver Village Shopping Center, at the corner of Stadium and Liberty streets, on West Ellsworth Road in Pittsfield Township, on West Michigan Avenue in downtown Ypsilanti and in Plymouth on Ann Arbor Road. Its newest office will open on Michigan Avenue in downtown Saline in early 2013.  The web site is www.boaa.com. Visit us on Facebook, Twitter, and LinkedIn.

About Ervin Leasing

Ervin Leasing Company, founded in 1978, is a well-established small ticket, $2,000 - $150,000, equipment leasing and finance company headquartered in Ann Arbor, Michigan.  The company has a national presence in the small ticket vendor space servicing the general equipment categories with emphasis on strong service and self-underwriting solutions.  For more information please visit www.ervinleasing.com

About Ervin Industries

Ervin Industries, founded in 1920, is a pioneer in the technical development of cast steel abrasives.  Ervin’s products and technologies represent the world standard for quality innovation and commitment to the success of customers.  Ervin Industries is the largest manufacturer of steel abrasives in North America and the leading exporter from North America.  Ervin’s AMASTEEL abrasives are used in the production of a wide array of products with the primary applications being blast cleaning, peening, cutting, and etching.  For more information please visit www.ervinindustries.com.

We love this positive news story from Concentrate on Bank of Ann Arbor's expansion plans. We doubled the number of employees from one year ago and expanded into Wayne County with the acquisition of a New Liberty Bank in Plymouth last week. Read the full article from Concentrate.

Failed New Liberty Bank created opportunity for Bank of Ann Arbor's expansion into Plymouth, reported AnnArbor.com on Sunday, May 16. Bank of Ann Arbor President & CEO Tim Marshall said Bank of Ann Arbor’s strong balance sheet put it into contention to acquire the failed bank and turn it into an expansion opportunity amid the biggest banking crisis in decades.

“You have to be highly rated and financially strong,” Marshall said. “The management team has to have proven that we can make an immediate acquisition and fold it in, and operate it very successfully.”

The acquisition closes a 6-week process during which Bank of Ann Arbor had to be certified by the FDIC to bid on the failed bank.

Read the full article on AnnArbor.com.

On Friday, May 14, the FDIC closed a failing New Liberty Bank in Plymouth, MI and announced its acquisition by Bank of Ann Arbor. AnnArbor.com reported that the acquisition is the first local takeover of a troubled bank since the banking crisis began in 2008. This marks the 70th bank closing so far this year. Read the full article in AnnArbor.com.

ANN ARBOR, MICHIGAN, MAY 14, 2010 – Bank of Ann Arbor, a wholly owned subsidiary of Arbor Bancorp, Inc, announced today that it assumed the deposits and acquired substantially all of assets of Plymouth, Michigan-based New Liberty Bank at the close of business today in a transaction facilitated by the Federal Deposit Insurance Corporation (“FDIC”). Pursuant to the terms of the Purchase and Assumption Agreement entered into with the FDIC, Bank of Ann Arbor assumed approximately $101.8 million in deposits and approximately $95.2 million in loans which are subject to a loss-share agreement with the FDIC.

“I want to assure all New Liberty Bank customers and the Plymouth, Canton and Northville communities that the deposits and business affairs of the former New Liberty Bank are in safe and secure hands,” said Timothy G. Marshall, President & CEO, Bank of Ann Arbor. “Bank of Ann Arbor is a strong, stable institution that understands the needs and concerns of the communities we serve.  Our top priority is to assure New Liberty customers that their deposits are safe and remain readily available.  We welcome the New Liberty employees to the Bank of Ann Arbor team.  It seems only fitting that we would open our newest location in Plymouth on Ann Arbor Road, as it befits our status as Ann Arbor’s premier locally-owned bank.”

The New Liberty office location at 1333 W. Ann Arbor Road, Plymouth, Michigan will reopen during normal business hours beginning Saturday, May 15, 2010 as a branch of Bank of Ann Arbor.  New Liberty depositors will automatically become customers of Bank of Ann Arbor and will have uninterrupted access to their funds, all of which will continue to be insured by the FDIC up to the maximum allowable.  Former New Liberty Bank customers should continue to bank as usual.

Customers who have questions about today’s transaction can call the FDIC toll-free at (800)894-6992.  The phone number will be operational this evening until 9:00 p.m.; on Saturday, May 15, from 9:00 a.m. to 6:00 p.m.; on Sunday, May 16, from Noon to 6:00 p.m.; and thereafter from 8:00 a.m. to 8:00 p.m.  Interested parties can also visit the FDIC’s website at http://www.fdic.gov/bank/individual/failed/newlibertymi.html.