Nearly 1,000 organizations nationwide are encouraging Americans to save as part of America Saves Week, Feb. 20-27.

Saving money is a key to financial stability and independence.  Fortunately, it’s never too late to start saving.

Independent Community Bankers of America offers a few simple tips to help you boost your savings:

Pay yourself first. Join a retirement plan at work that automatically deducts money from your paycheck. You can also have money automatically withdrawn from your checking account into your savings or an investment vehicle. Many employers offer automatic payroll deduction, one of the best ways to start and keep saving.

Create a spending plan. Unlike a strict budget, a spending plan is a guide to help you take better control of your finances by tracking where your money goes. In a spending plan, you list expenses, compare them to income and then make changes based on your priorities.

Start small. Save your loose change. Setting aside just 50 cents a day for one year can garner you a $500 emergency fund.

Long range, aim to have an emergency savings of six to nine months of living expenses.

Use your credit cards wisely so that you don’t take on too much debt and minimize interest charges.

It is also important to consider these factors in choosing where to place your savings:

• Access. How quickly can you access your money? Community banks are local and use up-to-the-minute technology so that customers can access their money when and where they need it.
• Safety. How safe is your money? At community banks, the FDIC insures deposits up to $250,000 per depositor and $250,000 for certain retirement accounts. No one has ever lost a penny of FDIC-insured funds. Talk to one of us at Bank of Ann Arbor for more information.
• Earnings. How much money will you earn?  Community banks offer personalized customer service tailored to individual needs and savings products and services at rates that are comparable to or often better than larger institutions.

America Saves Week is a nationwide campaign in which a broad coalition of nonprofit, corporate and government organizations help individuals and families save and build wealth. Through information, advice and encouragement, America Saves Week assists those who wish to pay down debt, build an emergency fund or save for a home, education or retirement. Learn more about why saving is so important and how to get started on building a nest egg at www.icba.org and www.americasavesweek.org.

Ann Arbor, Michigan, February 18, 2011 – Timothy G. Marshall, President and CEO of Arbor Bancorp, Inc. the parent company of Bank of Ann Arbor announced the following year end results for 2010.

Net income was $5.1 million, or $5.90 per share, for the twelve months ended December 31, 2010, improving from $1.8 million, or $2.15 per share, for the same period of 2009. Total assets of the bank were $689 million, up 27% from $542 million in 2009.

The strong asset growth and earnings improvement was driven by the successful acquisition of the former New Liberty Bank in Plymouth, continued growth in the existing core markets of Ann Arbor, Ypsilanti, and neighboring Washtenaw County communities, and improving credit quality trends.

“Due to our strong performance throughout this downturn, Bank of Ann Arbor is well positioned to continue to support our communities and work closely with all of our existing and prospective clients, some of whom need our assistance and patience during these challenging times”, commented Marshall. “We continued to strengthen our balance sheet and capital position in 2010 which will enable us to maintain our strong commitment to helping the families, businesses, and communities we serve, as we have since the inception of the bank in 1996.”

As the most recent 2010 comparative FDIC report shows, Bank of Ann Arbor continues to materially outperform other banks in Michigan and the U.S. in key loan quality metrics. As for earnings, return on shareholder equity was 12.1%, substantially better than the Michigan bank average, which for the third straight year will be a negative number.

Bank of Ann Arbor is pleased to announce that five of our team members recently received promotions in recognition of their contributions to our growth and success.

Patti H. Judson promoted to First Vice President, Branch Administration, Operations, and Cash Management. Patti joined the bank as one of the original employees, in the capacity of assistant branch manager, and assisted in the opening of the bank in January, 1996. She was subsequently promoted to Vice President and Main Office Manager with responsibility for overseeing all of the branch operations and personnel. In 2008, Patti was promoted to Senior Vice President and assumed responsibility for operations and cash management in addition to continuing to oversee branch administration which now includes seven locations. She is currently being recognized with a promotion to First Vice President. 

“We are extremely pleased to recognize the exceptional leadership and strong commitment to the success of Bank of Ann Arbor that Patti Judson maintains day in and day out in her leadership role at the bank. With her strong emphasis on quality service, compliance, and consistent processes, we have continued to successfully grow our branch network and deposits which increased by over 30% in 2010 and exceeded $600 million at our most recent year end”, commented Tim Marshall, President and CEO. “Patti has played a critical role in the growth, development, and success of the bank over the past 15 years and is highly deserving of this promotion”.

Patti has over 28 years of banking experience in the areas of audit, branch banking, and operations.  In addition to her management position at the bank, Patti is on the board of Big Brothers, Big Sisters of Washtenaw County.

Cynthia J. Livesay promoted to First Vice President–Credit Administration.  Cindy joined the bank in December, 1995 as one of the original employees assisting in the opening of the bank in January, 1996. Cindy has spent the majority of her career at Bank of Ann Arbor in the Credit Administration area and has been a significant contributor to the strong credit quality maintained by the bank. Cindy was promoted to Vice President in 2003, Senior Vice President in 2006, and most recently to First Vice President.

“We are extremely pleased to recognize the effort and valuable contributions made by Cindy Livesay in her leadership role in credit administration which is reflected in the success Bank of Ann Arbor has enjoyed since its opening and, most importantly, in recent years when the national and Michigan economy have been so negatively impacted by the deep recession”, commented Tim Marshall, President and CEO. “During a time when so many banking institutions across the country have been challenged with historically high levels of non-performing assets and income statement losses, Bank of Ann Arbor has retained its profitability throughout the downturn and achieved record-level earnings in 2010 due to a strong and consistent credit culture of which Cindy has played an important role.” 

In addition to her leadership position at the bank, Cindy is also active in the community. Currently, she is on the board of Arbor Hospice serving as Treasurer and on the finance committee for the Michigan Theater.

Mark Holtz promoted to Vice President, Technology Industry Group.  Mark joined Bank of Ann Arbor ­­­­­­­­­­­­­­­­­as an Assistant Vice President, Loan Officer in the Technology Industry Group in 2008. Mark has nearly eight years experience in the commercial banking field having worked at LaSalle Bank prior to joining Bank of Ann Arbor. Mark is part of Bank of Ann Arbor’s Technology Industry Group, which serves the needs of the region's innovation-based business community.  He has been active with the Ann Arbor Angels and is on the board of Great Lakes Entrepreneur Quest. In addition, he has volunteered with the Ann Arbor Hands-On Museum and Washtenaw United Way.

Jacqueline Jenkins is promoted to Assistant Vice President, Portfolio Manager and Business Development Officer.  Jackie has been with Bank of Ann Arbor Trust and Investment Management Group since 2007. She coordinates 401(k) advisory services and serves as the Relationship Manager for clients maintaining Individual Retirement Accounts (IRAs) and investment accounts at the bank.  Prior to joining Bank of Ann Arbor, Jackie worked in branch management at TCF Bank where she earned a Resident Producer’s Life Insurance license, in addition to Series 6 and 63 securities licenses.  A graduate of Gettysburg College, Jackie completed the Financial Planning Program at Eastern Michigan University in April 2010 and is currently preparing to take the exam in early 2011 to receive the Certified Financial Planning (CFP) designation.

Jackie is the chair of the Women’s Leadership Initiative for United Way of Washtenaw County and also serves on the Professional Development Committee of the Women’s Exchange of Washtenaw. 

Mitzi Talon is promoted to Assistant Vice President and Personal Trust Officer. Mitzi joined the Bank of Ann Arbor Trust and Investment Management Group in 2004. She is responsible for the management of the trust, investment and estate needs of her clients.  Prior to joining Bank of Ann Arbor she worked at United Bank & Trust in its Trust Department and at First of America (National City/PNC) for 9 years as a Trust Account Representative.  Mitzi holds a BBA from Eastern Michigan University.  

Mitzi has been actively involved with the Boy Scouts as both the Treasurer and a member of its local board for several years.  She is also a member of the Ypsilanti Public Schools Foundation and serves on its Finance Committee.  She recently joined the Board of the Power of the Purse, a women’s initiative of the United Way of Washtenaw County.

About Bank of Ann Arbor

Bank of Ann Arbor is a locally owned and operated bank with total assets and assets under management of over $1.3 billion, serving people and businesses in the Ann Arbor area with offices at the corner of Fifth Avenue and Washington Street in downtown Ann Arbor, in the Traver Village Shopping Center, across from the Arborland Mall, at the corner of Stadium and Liberty streets, on West Ellsworth Road in Pittsfield Township, and on West Michigan Avenue in downtown Ypsilanti. Its newest office is on Ann Arbor Road in Plymouth.  Our web site is www.boaa.com. Visit us on Facebook, Twitter, and LinkedIn.

Feb, 2, 2011: Despite the snowy conditions, we're ready and waiting for you at all of our seven banking locations.  We'll be open regular business hours. See you soon if you decide to venture out.  If not, online banking is a cozy alternative.  Happy Groundhog Day!