Bank of Ann Arbor is headquartered in Ann Arbor and is the 6th largest bank in the state of Michigan. It is also the 355th largest bank in the nation. It was established in 1996 and as of June of 2022, it had grown to 316 employees at 18 locations. Bank of Ann Arbor's money market rates are 36% higher than the national average, and it boasts an A+ health rating.
Bank Of Ann Arbor - More Than Just Great Billboards
Living in Ann Arbor Mi offers one a lot of options with respect to your personal banking. I'll admit, I chose Bank of Ann Arbor for their clever billboard commercials. They also have even funnier radio spots, but I didn't know that until after I had been banking there for awhile. (FYI, the spots are very ingrown. You wouldn't get them unless you've lived here awhile. But they're basically anti-big chain, impersonal bank.) Anyway, despite not having the most locations in town, I liked banking here. Nice lobby. Decent hours. Solid ATM game. It's really a shame there aren't more local banks like this anymore. Very knowledgeable about the city as well as committed to the city as evidenced by how many varied events they sponsor. Overall, the experience was very good. Professional and personable tellers as well!
High Fees And Problematic Web Banking
While I try to support small local businesses, and like the locations and a lot of the feel of dealing with the Bank of Ann Arbor - I am seriously looking at changing. Been a customer for over a decade.
$9.00/ month service fees and problematic website makes it very difficult to justify why I have been as tolerant as long as I have. I am often away on business out of the Country and need a Bank that has a problem-free website for electronic banking.
Friendly but Limited Service
Working with a small local bank can seem really appealing. It's comforting to know that you would be dealing with local people in your community instead of having to deal with a large institution instead of just being a number in a database. While local banks can seem inviting for being more personable, don't let that fool you.
The Bank of Ann Arbor is a good example of this. They have a warm and friendly outside, but at the end of it, they just want to manage your money while doing the least amount of work as possible. You're much better off looking elsewhere because there simply isn't much you can do with an account there. Out of state and need money without fees? Too bad, that's not what you would get from Bank of Ann Arbor.
High Fees And No Interest Rate Guarantee
While the 2.8% rate is good as of 8.22.13, it is a drop from a higher rate as of February according to the official in charge of HSA policy at the bank. He did assure that it wasn't likely to drop drastically but he was honest about the fact that the trend is toward lowered rates over time. I'm disappointed by the high fees, $4 a month, and $12 to open the account. There is no fee to transfer out the HSA to another institution. The checks cost $3 for a book of 20 checks, but the debit card is free.
Data as of Q2 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 34120 |
| Year Established | 1996 |
| Employees | 316 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.34% |
| Return on Equity - YTD | 13.48% |
| Annual Interest Income | $52.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2022vs Q2 2021 | $3.26B$2.56B |
| Loans | Q2 2022vs Q2 2021 | $2.09B$1.50B |
| Deposits | Q2 2022vs Q2 2021 | $2.81B$2.18B |
| Equity Capital | Q2 2022vs Q2 2021 | $335.2MM$229.0MM |
| Loan Loss Allowance | Q2 2022vs Q2 2021 | $33.3MM$35.2MM |
| Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $5.8MM$7.9MM |
| Real Estate Owned | Q2 2022vs Q2 2021 | $381.00K$716.00K |
