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University Bank
University Bank is a community bank headquartered in Ann Arbor, Michigan. The bank was founded in 1890 in Newberry, Michigan, as The Newberry Bank and renamed The Newberry State Bank on May 3, 1908. In 1995, the bank sold its assets, adopted its current name, and moved to Ann Arbor. Its headquarters are in the Leander J. Hoover Mansion. The bank is fully owned by University Bancorp. Along with its Michigan-based subsidiaries, the bank holds and manages more than $30.5 billion in financial assets for more than 163,000 customers. It has more than 500 employees. History University Bank was founded in 1890 as the Newberry Bank, the only bank in the Upper Peninsula of Michigan, Upper Peninsula town of Newberry, Michigan. In 1908, it received a bank charter from the state of Michigan and changed its name to the Newberry State Bank. In 1988, the University Bancorp bank holding company owned by Stephen Lange Ranzini and Joseph Ranzini acquired controlling interest in the bank. Unde ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
University Bank Ann Arbor
A university () is an institution of higher (or tertiary) education and research which awards academic degrees in several academic disciplines. ''University'' is derived from the Latin phrase ''universitas magistrorum et scholarium'', which roughly means "community of teachers and scholars". Universities typically offer both undergraduate and postgraduate programs. The first universities in Europe were established by Catholic Church monks. The University of Bologna (), Italy, which was founded in 1088, is the first university in the sense of: *being a high degree-awarding institute. *using the word ''universitas'' (which was coined at its foundation). *having independence from the ecclesiastic schools and issuing secular as well as non-secular degrees (with teaching conducted by both clergy and non-clergy): grammar, rhetoric, logic, theology, canon law, notarial law.Hunt Janin: "The university in medieval life, 1179–1499", McFarland, 2008, , p. 55f.de Ridder-Symoens ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Upper Peninsula Of Michigan
The Upper Peninsula of Michigan – also known as Upper Michigan or colloquially the U.P. – is the northern and more elevated of the two major landmasses that make up the U.S. state of Michigan; it is separated from the Lower Peninsula by the Straits of Mackinac. It is bounded primarily by Lake Superior to the north, separated from the Canadian province of Ontario at the east end by the St. Marys River, and flanked by Lake Huron and Lake Michigan along much of its south. Although the peninsula extends as a geographic feature into the state of Wisconsin, the state boundary follows the Montreal and Menominee rivers and a line connecting them. First inhabited by Algonquian-speaking native American tribes, the area was explored by French colonists, then occupied by British forces, before being ceded to the newly established United States in the late 18th century. After being assigned to various territorial jurisdictions, it was granted to the newly formed state of Michiga ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Islamic Finance Products, Services And Contracts
Banking or banking activity that complies with Sharia (Islamic law)—known as Islamic banking and finance, or Sharia-compliant finance—has its own products, services and contracts that differ from conventional banking. Some of these include ''Mudharabah'' (profit sharing), ''Wadiah'' (safekeeping), ''Musharakah'' (joint venture), ''Murabahah'' (cost plus finance), ''Ijar'' (leasing), ''Hawala'' (an international fund transfer system), ''Takaful'' (Islamic insurance), and ''Sukuk'' (Islamic bonds). Sharia prohibits ''riba'', or usury, defined as interest paid on all loans of money (although some Muslims dispute whether there is a consensus that interest is equivalent to ''riba''). Farooq, ''Riba-Interest Equation and Islam'', 2005: pp. 3–6 Khan, ''What Is Wrong with Islamic Economics?'', 2013: pp. 216–226 Investment in businesses that provide goods or services considered contrary to Islamic principles (e.g. pork or alcohol) is also ''haraam'' ("sinful and prohibited"). ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
UIF Corporation
UIF Corporation (UIF) is an American financial service company headquartered in Southfield, Michigan. It provides residential and commercial financing based on faith based principles for the religious minorities who for religious beliefs want to avoid paying or receiving fixed interest contracts. UIF, is the first faith based banking subsidiary run entirely on faith based principles and offers faith based commercial real-estate financing and home financing through their Partnership, Murabaha and Ijara programs. UIF has received national media attention from NPR and The New York Times for its unique services. UIF’s faith based lending program has been highlighted in a speech of the Federal Reserve Bank of New York and in the official magazine of the Federal Reserve Bank of Richmond. Products offered UIF currently offers faith based financing in the following states California, Colorado, Connecticut, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Maryland, Massachusett ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Secrecy Act
The Bank Secrecy Act of 1970 (BSA), also known as the Currency and Foreign Transactions Reporting Act, is a U.S. law requiring financial institutions in the United States to assist U.S. government agencies in detecting and preventing money laundering. Specifically, the act requires financial institutions to keep records of cash purchases of negotiable instruments, file reports if the daily aggregate exceeds $10,000, and report suspicious activity that may signify money laundering, tax evasion, or other criminal activities. The BSA is sometimes referred to as an anti-money laundering law (AML) or jointly as BSA/AML. History The BSA was originally passed by the U.S. Congress in 1970 and signed by President Richard Nixon into law on October 26, 1970. Shortly after passage, several groups attempted to have the courts rule the law unconstitutional, claiming it violated both Fourth Amendment rights against unwarranted search and seizure, and Fifth Amendment rights of due proces ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
SWIFT
Swift or SWIFT most commonly refers to: * SWIFT, an international organization facilitating transactions between banks ** SWIFT code * Swift (programming language) * Swift (bird), a family of birds It may also refer to: Organizations * SWIFT, an international organization facilitating transactions between banks * Swift Engineering, an American engineering firm * Swift & Company, a meat processing company * Swifts (aerobatic team), a Russian aerobatic team Transportation companies * Swift Cooper, a British racing car manufacturer * Swift Leisure, a British manufacturer of caravans * Swift Motor Company, of Coventry, England * Swift Transportation, a US trucking company Places * River Swift, a river in England * Swift, Illinois, an unincorporated community in northeastern Illinois * Swift County, Minnesota, a county in west-central Minnesota * Swift, Minnesota, an unincorporated community in northern Minnesota * Swift, Missouri, a ghost town in southeastern Missouri Astron ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Michigan Office Of Financial And Insurance Regulation
Michigan () is a U.S. state, state in the Great Lakes region, Great Lakes region of the Upper Midwest, upper Midwestern United States. With a population of nearly 10.12 million and an area of nearly , Michigan is the List of U.S. states and territories by population, 10th-largest state by population, the List of U.S. states and territories by area, 11th-largest by area, and the largest by area east of the Mississippi River.''i.e.'', including water that is part of state territory. Georgia (U.S. state), Georgia is the largest state by land area alone east of the Mississippi and Michigan the second-largest. Its capital is Lansing, Michigan, Lansing, and its largest city is Detroit. Metro Detroit is among the nation's most populous and largest metropolitan economies. Its name derives from a gallicization, gallicized variant of the original Ojibwe language, Ojibwe word (), meaning "large water" or "large lake". Michigan consists of two peninsulas. The Lower Peninsula of Michigan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
FDIC
The Federal Deposit Insurance Corporation (FDIC) is one of two agencies that supply deposit insurance to depositors in American depository institutions, the other being the National Credit Union Administration, which regulates and insures credit unions. The FDIC is a United States government corporation supplying deposit insurance to depositors in American commercial banks and savings banks. The FDIC was created by the Banking Act of 1933, enacted during the Great Depression to restore trust in the American banking system. More than one-third of banks failed in the years before the FDIC's creation, and bank runs were common. The insurance limit was initially US$2,500 per ownership category, and this was increased several times over the years. Since the enactment of the Dodd–Frank Wall Street Reform and Consumer Protection Act in 2010, the FDIC insures deposits in member banks up to $250,000 per ownership category. FDIC insurance is backed by the full faith and credit of the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Newberry, Michigan
Newberry is a village and county seat of Luce County in the U.S. state of Michigan. The village is located within McMillan Township and is the only incorporated community in Luce County. The population was 1,519 at the 2010 census. Newberry is surrounded by state and national forests and is considered the southern gateway to the Tahquamenon Falls area, which the other being Paradise to the northeast. Newberry was designated as "the Moose Capital of Michigan" by the state legislature. The Newberry Correctional Facility is located just south of the village. History Newberry was founded in 1882 and became the county seat when Luce County was separated from Chippewa County in 1887. Its first courthouse was completed in 1890. The village was named in honor of John Stoughton Newberry, a U.S. Representative and industrialist from the state of Michigan. Historic preservationists lost the 1970s fight to save the county's Victorian courthouse, but managed to keep the elaborate sher ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Subsidiary
A subsidiary, subsidiary company or daughter company is a company owned or controlled by another company, which is called the parent company or holding company. Two or more subsidiaries that either belong to the same parent company or having a same management being substantially controlled by same entity/group are called sister companies. The subsidiary can be a company (usually with limited liability) and may be a government- or state-owned enterprise. They are a common feature of modern business life, and most multinational corporations organize their operations in this way. Examples of holding companies are Berkshire Hathaway, Jefferies Financial Group, The Walt Disney Company, Warner Bros. Discovery, or Citigroup; as well as more focused companies such as IBM, Xerox, and Microsoft. These, and others, organize their businesses into national and functional subsidiaries, often with multiple levels of subsidiaries. Details Subsidiaries are separate, distinct legal entit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ann Arbor, Michigan
Ann Arbor is a city in the U.S. state of Michigan and the county seat of Washtenaw County. The 2020 census recorded its population to be 123,851. It is the principal city of the Ann Arbor Metropolitan Statistical Area, which encompasses all of Washtenaw County. Ann Arbor is also included in the Greater Detroit Combined Statistical Area and the Great Lakes megalopolis, the most populated and largest megalopolis in North America. Ann Arbor is home to the University of Michigan. The university significantly shapes Ann Arbor's economy as it employs about 30,000 workers, including about 12,000 in the medical center. The city's economy is also centered on high technology, with several companies drawn to the area by the university's research and development infrastructure. Ann Arbor was founded in 1824, named after the wives of the village's founders, both named Ann, and the stands of bur oak trees.Marwil, pp. 1–2 The city's population grew at a rapid rate in the early ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but in many ways functioned as a continuation of ideas and concepts of credit and lending that had their roots in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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