United Bank & Trust Blog

Todd Clark

At the Morning Edition of the Ann Arbor Chamber of Commerce, I made some points about the state of banking in the state that I think resound not just to members of the Chamber, but to all the members of this community. It’s good news – something we could all use a little of these days.

Despite what you’ve heard and read about the banking industry, the truth is that community banks were never the problem, but we can help with the solutions. We’re still strong, well-capitalized and growing. And we’re right here, right now, where you need us.

Since the day United Bank & Trust — Washtenaw opened in 2001, we’ve been committed to making a difference in this market. We reinvest locally deposited funds back into the community through loans to businesses, non-profits, and individuals. This has a direct impact on our economy through business creation and growth, by helping keep jobs here at home, and through real estate sales and purchases.

In the last 12 months, we’ve expanded local deposits by $60 million, increased business and commercial loans by $17 million, originated $20 million in small business loans, and $175 million in residential mortgages.

You see, banking locally really does matter. In mortgage, for instance, we’re in the market, we understand the market and we support the local market, as local originators, underwriters, and processors, as well as using local appraisers.

More good news: the FDA has extended the $250,000 coverage for deposits until the end of  2013. And non-money-market transactions paying less than 1/2% will get unlimited FDIC coverage until June 30, 2010. So banking locally is more than safe, it’s a sound investment in our own local businesses and neighborhoods. That’s always been our philosophy – and it seems to make even more sense these days.