<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-K/A
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934 for the fiscal year ended December 31, 1999
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from __________ to___________
Commission file number 0-16023
UNIVERSITY BANCORP, INC.
(Exact name of registrant as specified in its charter)
Delaware 38-2929531
(State or other jurisdiction of (I.R.S. Employer incorporation)
Identification No.
959 Maiden Lane, Ann Arbor, Michigan 48105
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (734) 741-5858
Securities registered pursuant to section 12(b) of the Act: NONE
Securities registered pursuant to section 12(g) of the Act:
Common Stock, par value $.010 per share
Indicate by check mark whether the registrant: (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes X No
------ ------
Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be contained,
to the best of registrant's knowledge, in definitive proxy or other information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [X]
The aggregate market value of the voting stock held by non-affiliates
of the Registrant based on the average bid and asked price for the Registrant's
Common Stock on March 17, 2000, as reported by NASDAQ, was approximately
$917,481.*
The number of shares outstanding of the Registrant's Common Stock as of
March 17, 2000: 2,012,801 shares.
* For purposes of this calculation shares of the Registrant held by directors
and officers of the Registrant and officers of its subsidiaries and other
affiliates have been excluded.
Documents Incorporated by Reference: Portions of the registrant's Proxy
Statement, to be filed by April 29, 2000 for the 2000 Annual Meeting of
Stockholders, are incorporated by reference into Part III of this Report.
page 1 of 3 pages
Exhibit index on sequentially numbered page 91
<PAGE> 2
UNIVERSITY BANCORP, INC.
Consolidated Balance Sheets (continued)
December 31,1999 and 1998
<TABLE>
<CAPTION>
LIABILITIES AND STOCKHOLDERS' EQUITY 1999 1998
------------- ------------
<S> <C> <C>
Liabilities
Deposits:
Demand - non interest bearing $ 2,126,157 $ 1,801,347
Demand - interest bearing 13,840,469 16,373,832
Savings 294,487 177,093
Time 15,789,866 24,867,369
------------ ------------
Total Deposits 32,050,979 43,219,641
Mortgage escrow 3,058 140,673
Short term borrowings 3,113,860 277,000
Long term borrowings 2,627,116 1,196,097
Deferred noncompete income -- 32,068
Drafts payable -- 5,065,281
Accounts payable 230,802 744,928
Accrued interest payable 240,106 415,060
Other Liabilities 100,442 157,081
------------ ------------
Total Liabilities 38,366,363 51,247,829
Minority Interest 505,795 204,949
Stockholders' equity:
Preferred Stock, $0.001 par value;
Authorized - 500,000 shares;
Issued - 0 shares in 1999 and 1998 -- --
Common stock, $0.01 par value;
Authorized - 5,000,000 shares;
Issued - 2,127,985 shares in 1999 and
2,104,323 shares in 1998 21,280 21,043
Treasury Stock - 115,184 shares in 1999
and 1998 (340,530) (340,530)
Additional Paid-in-Capital 3,786,508 3,539,474
Retained deficit (931,980) (16,500)
Accumulated other comprehensive loss (584,898) (120,707)
------------ ------------
Total Stockholders' equity 1,950,380 3,082,780
------------ ------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 40,822,538 $ 54,535,558
============ ============
</TABLE>
The accompanying notes are an integral part of the consolidated financial
statements.
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<PAGE> 3
SIGNATURES
Pursuant to the requirements of Sections 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
UNIVERSITY BANCORP, INC.
By: /s/Stephen Lange Ranzini
----------------------------
Stephen Lange Ranzini,
President, Chief Executive
Officer and
Chief Accounting Officer
Date: March 30, 2000
---------------
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
Registrant and in the capacities and on the dates indicated.
<TABLE>
<CAPTION>
Signature Title Date
--------- ----- ----
<S> <C> <C>
/s/Stephen Lange Ranzini Director, President, March 30, 2000
------------------------ Chief Executive Officer,
Stephen Lange Ranzini Chief Accounting Officer
/s/Joseph L. Ranzini Director, Secretary, March 30, 2000
------------------------ Chairman
Joseph L. Ranzini
/s/Keith Brenner Director March 30, 2000
------------------------
Keith E. Brenner
/s/Mildred Lange Ranzini Director March 30, 2000
------------------------
Mildred Lange Ranzini
/s/Michael Talley Director March 30, 2000
------------------------
Michael Talley
/s/Robert Goldthorpe Director March 30, 2000
------------------------
Robert Goldthorpe
/s/Dr. Joseph L. Ranzini Director March 30, 2000
------------------------
Dr. Joseph Lange Ranzini
/s/Paul Lange Ranzini Director March 30, 2000
------------------------
Paul Lange Ranzini
</TABLE>
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