May 14, 2010 6:05
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.