Ann Arbor State Bank
The Ann Arbor State Bank opened in 2009. It was located at 125 W. William St. in Ann Arbor, the former home of Anderson Paint. It merged with Level One Bank in 2020 and was acquired by First Merchant's Bank in 2021.
Key individuals included:
- chairman and CEO Bill Broucek
- Chief Operating Officer Peter Schork
- investor Carol Bradford, chief of head and neck surgery at the University of Michigan Health System
- investor Michael Coghlan, who is active in several venture capital firms;
- investor David Hing, a surgeon at St. Joseph's Mercy Hospital in Ann Arbor; and
In the news
- Level One Bank to be acquired, become First Merchants. Detroit Free Press, November 4, 2021.
As for Level One, it last acquired Ann Arbor State Bank in early 2020. Before that, it acquired Bank of Michigan in 2016, Lotus Bank in 2015, Paramount Bank in 2010 and Michigan Heritage Bank in 2009.
- New Ann Arbor bank sees credit crunch as opportunity, Crain's Detroit Business, January 2009
- New Ann Arbor bank moves toward approval, gets new investors, Michigan Business Review, July 2008.
- Yelp: Ann Arbor State Bank
Two guys who used to work for Bank of Ann Arbor decided to start a new bank, so they bought the old Anderson Paint Building and started filling out the paperwork.
Free parking
The bank's parking lot had a sign saying "If you like parking here, you'll like banking here." It offered free parking for hours that the bank is closed. First Merchants Bank has continued this policy.
