Ann Arbor, Mich.-based University Bancorp is expanding its faith-based financing program by acquiring two lenders..The acquisitions include Whittier, Calif.-based bank holding company Greater Pacific Bancshares and two faith-based financial services industry companies: Bank of Whittier and mortgage and auto loan origination company American Finance House Lariba.Bank of Whittier and American Finance House will merge into University Bancorp subsidiary UIF Corporation. Considered one of the largest providers of faith-based financial services in the country, UIF had $438 million in assets as of Sept. 30 and managed $3.5 billion in off-balance sheet residential financing servicing. The transactions are expected to close in the first or second quarter of next year. As of Sept. 30, Lariba had $17.68 million in assets and $10.74 million in shareholders’ equity. Bank of Whittier had $167.36 million in assets and $24.78 million in shareholder equity. As of June 30, Greater Pacific Bancshares had $24.62 million in shareholders equity.Bank of Whittier was the first provider of faith-based banking services in the country. Lariba, founded in 1987, was the only provider of faith-based financing in the United States until 1999.Greater Pacific Bancshares, Bank of Whittier and Lariba received legal assistance from Anaheim, Calif.-based Gary Steven Findley and Associates. Austin-based Hillworth Bank Partners provided a fairness opinion to the Board of Directors of Greater Pacific Bancshares. Grand Rapids, Mich.-based Varnum LLP provided legal assistance to University Bancorp, University Bank and UIF.
