The Ann Arbor State Bank is set to open its doors one week from today.
The city's newest financial start-up has approvals from the locals, state and feds. All it needs now is customers.
"We should be good to go," says Peter Schork, acting president of Ann Arbor State Bank.
All those interested should go to the old Anderson Paint building in downtown. Schork and his partners have transformed the building on William Street next to the BP gas station into a retail location that will serve as the bank's headquarters.
Schork and his partners see an opportunity to break into a banking scene heavy on national banks but thin on local options. The ever-mounting financial crisis among major banks and other financial institutions should also help drive customers their way.
The plan is to capture 1-2 percent of the local market within three years, which equates to $60-$100 million in deposits. That bit of market share should be more than enough to support the newly refurbished 9,200-square-foot building and the 15-17 employees that are expected to work there.
Source: Peter Schork, acting president of Ann Arbor State Bank
Writer: Jon Zemke
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