University Bancorp Receives All Regulatory Approvals for Acquisition of Greater Pacific Bancshares & its Subsidiary Bank of Whittier, N.A.

Closing Scheduled for July 1, 2026

ANN ARBOR, MI / ACCESS Newswire / May 28, 2026 / University Bancorp, Inc. (OTCQB:UNIB or "UNIB") announced that it has received all regulatory approvals required to increase its ownership in Greater Pacific Bancshares ("GPB") from the current level of 8.93% to 100%. The closing of the purchase of the additional shares in GPB is scheduled for July 1, 2026. At the end of the acquisition and merger process, GPB will be merged into UNIB and Bank of Whittier, N.A., of Whittier, CA ("BOW"), will become a wholly-owned subsidiary of UNIB.

The total purchase price for the purchase of 100% of GPB is anticipated to be $36,779,800. The key financial terms of the acquisition of Greater Pacific Bancshares ("GPB") are available at this link: https://www.university-bank.com/wp-content/uploads/2025/12/press-189-S ....

GPB, BOW and LARIBA received legal assistance in support of the transaction from Gary Steven Findley and Associates. Hillworth Bank Partners provided a fairness opinion to the board of directors of GPB.

UNIB received legal assistance in support of the transaction from Varnum LLP.

Rationale:

From a strategic perspective, the acquisition of GPB and BOW provides many opportunities including:

• Expanded ability for UIF to provide faith-based financing in the United States;

• Complementary products and services;

• Economies of scale to facilitate growth and roll-out of additional products. Current products include:

  1. Faith-based FDIC-insured time, savings and checking deposit accounts;

  2. Faith-based home financing;

  3. Faith-based commercial real estate financing;

  4. Faith-based vehicle financing;

  5. Faith-based FDIC-insured tax advantaged IRA deposit accounts.

Plans for BOW

Because human capital is critical to the success of the faith-based financial services industry in the U.S., and because of the expected increased growth rate of the combined enterprise, UNIB anticipates retaining all employees of BOW. Following the closing, Stephen Lange Ranzini, the President & CEO of UNIB and Julie Burzynski, the President of UIF, will join the board of BOW representing UNIB, in addition to the current directors of BOW. It is anticipated that Stephen Lange Ranzini will be become the Chairman and CEO of BOW in addition to the current executives of BOW, led by the current President of BOW, Alexandra Dang. Gerhard Naude, currently COO of University Bank, will become the CEO of University Bank, and Stephen Lange Ranzini will retain his current title at University Bank of President.

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