University Bancorp, Inc. Acquires Common Shares of Currency Exchange International, Corp.

Rhea-AI Summary

University Bancorp (UNIB) has increased its ownership stake in Currency Exchange International (CXI) through two separate transactions. The company acquired 6,438 common shares at C$19.55 per share through the Toronto Stock Exchange for C$125,863, and 23,300 shares at US$14.25 per share through OTC Markets for US$332,996. Following these acquisitions, UNIB's total ownership in CXI increased from 11.54% to 12.02%, now controlling 751,448 common shares. The company stated it holds CXI shares for investment purposes and will continue to review its investment strategy, potentially exploring various options including increasing or decreasing its position, hedging its exposure, or engaging with CXI's management regarding business operations and strategy.

Positive

• UNIB demonstrates confidence in CXI by increasing its ownership stake from 11.54% to 12.02%
• Strategic investment increases UNIB's influence in CXI with significant ownership position
• Multiple market access demonstrated through purchases on both TSX and OTC Markets

Negative

• Investment concentration risk with significant stake in a single company
• Future share price volatility risk due to substantial position

TORONTO, ON / ACCESS Newswire / June 20, 2025 / University Bancorp, Inc. (OTCQB:UNIB), or ("UNIB") announced that it has acquired today 6,438 common shares ("Common Shares") of Currency Exchange International, Corp. ("CXI") through the facilities of the Toronto Stock Exchange at an average price of C$19.55 per Common Share, for a total purchase price of C$125,863, and also acquired today 23,300 Common Shares through the facilities of the OTC Markets Stock Exchange (OTCQX:CURN) at an average price of $14.25 per Common Share, for a total purchase price of US$332,996, including commissions. This acquisition represents an increase in UNIB's holdings of approximately 0.48% and, as a result, UNIB, together with persons who may be considered to be joint actors, has ownership of, or exercises control or direction over, a total of 751,448 Common Shares, representing approximately 12.02% of the issued and outstanding Common Shares.

Immediately prior to the acquisition of the Common Shares described above, UNIB, together with persons who may be considered to be joint actors, had ownership of, or exercised control or direction over, a total of 721,710 Common Shares, representing approximately 11.54% of the issued and outstanding Common Shares.

Early Warning Disclosure
This news release is being issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. An early warning report with additional information in respect of the foregoing matters will be filed and made available under CXI's profile on SEDAR+ (www.sedarplus.ca). CXI's head office is 6649 Westwood Boulevard, Suite 250, Orlando, Florida, 32821, United States of America.

UNIB holds its CXI shares for investment purposes. UNIB will continue to review the performance and prospects for this investment and investment alternatives. As part of the ongoing review of its investment in CXI, UNIB may continue to explore from time to time a variety of alternatives it deems appropriate, in each case to the extent permitted under applicable law, including (i) increasing or decreasing its position in CXI through, among other things, the acquisition or disposition of securities of CXI through the open market or in privately negotiated transactions or otherwise, (ii) entering into transactions that increase or hedge its economic exposure to such securities without affecting its beneficial ownership of such securities and/or (iii) continuing to hold its current position. UNIB may also explore from time to time other alternatives with respect to its investment in CXI, in each case to the extent permitted under applicable law, including, but not limited to, developing plans or intentions or taking actions itself or with joint actors which relate to or would result in one or more of the transactions or matters referred to in paragraphs (a) through (k) of Item 5 of UNIB's early warning report that will be filed on SEDAR+. UNIB may also engage with management and/or the board of CXI from time to time concerning the foregoing and its business, management, operations, capitalization, financial condition, governance, strategy and future plans. Although the foregoing reflects activities presently contemplated by UNIB with respect to its investment in CXI, the foregoing is subject to a number of factors, including but not limited to, the price of CXI's securities, CXI's business and financial condition and prospects, conditions in the securities markets and general economic and industry conditions, the availability of funds, the evaluation of other investment opportunities available to UNIB, and is subject to change at any time, and there can be no assurance that UNIB will take any of the actions referred to above.

For further information, including a copy of the corresponding report filed with Canadian securities regulators, please visit www.sedarplus.ca or contact Stephen Lange Ranzini, President & CEO of UNIB at 734-741-5858, Ext. 9226. UNIB's address is 2015 Washtenaw Avenue, Ann Arbor, Michigan, 48104, United States of America.

About UNIB
When UNIB announced its 2024 financial results, we noted the following key accomplishments:

• Revenue in 2024 grew 18.65%. Our 10-year average revenue growth was 18.70%;

• Return on Equity (ROE) for 2024 was 12.5%. Our 10-year average ROE was 25.97%;

• Shareholders' equity at University Bank exceeded $100 million for the first time ever.

• Shareholders' equity at UNIB at 12/31/2024 was $93,590,773 (excluding minority interest of $11,961,541), or $18.10 per share, based on common shares outstanding at December 31, 2024 of 5,169,518.

Shareholders and investors are encouraged to refer to the financial information including the investor presentations, audited financial statements, strategic plan and prior press releases, available on our investor relations web page at: http://www.university-bank.com/bancorp/. A detailed income statement, balance sheet and other financial information for UNIB and University Bank as of 12/31/2024 is available here: https://www.university-bank.com/wp-content/uploads/2025/03/4Q2024-UNIB-Financials-Preliminary-Unaudited.pdf.

Ann Arbor-based University Bancorp is a Federal Reserve regulated financial holding company that owns:

• 100% of University Bank, a bank based in Ann Arbor, Michigan;

• 100% of Crescent Assurance, PCC, a captive insurance company licensed in Washington DC; and

• 100% of Hyrex Servicing, a master mortgage servicing firm, based in Ann Arbor, Michigan.

University Bank together with its Michigan-based subsidiaries, holds and manages a total of over $36 billion in financial assets for over 183,000 customers, and our 528 employees make us the 5th largest bank based in Michigan. University Bank is an FDIC-insured, locally owned and managed community bank, and meets the financial needs of its community through its creative and innovative services. Founded in 1890, University Bank® is the 15th oldest bank headquartered in Michigan. We are proud to have been selected as the "Community Bankers of the Year" by American Banker magazine and as the recipient of the American Bankers

Association's Community Bank Award. University Bank is a Member FDIC. The members of University Bank's corporate family, ranked by their size of revenues are:

• UIF, a faith-based banking firm based in Southfield, MI;

  • University Lending Group, a retail residential mortgage originator based in Clinton Township, MI;

  • Midwest Loan Services, a residential mortgage subservicer based in Houghton, MI;

  • Community Banking, based in Ann Arbor, MI, which provides traditional community banking services in the Ann Arbor area;

  • Ann Arbor Insurance Centre, an independent insurance agency based in Ann Arbor, MI.

  • Reverse Mortgage Lending, a reverse residential mortgage lender based in Southfield, MI; and

  • Mortgage Warehouse Lending, a mortgage warehouse lender based in Southfield, MI.

CAUTIONARY STATEMENT: This press release contains certain forward-looking statements that involve risks and uncertainties. Forward-looking statements include, but are not limited to, statements concerning future growth in assets, pre-tax income and net income, budgeted income levels, the sustainability of past results, mortgage origination levels and margins, valuations, and other expectations and/or goals. Such statements are subject to certain risks and uncertainties which could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including, but not limited to, economic, competitive, governmental and technological factors affecting our operations, markets, products, services, interest rates and fees for services. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. We undertake no obligation to update any information or forward-looking statement.

Contact: Stephen Lange Ranzini, President and CEO
Phone: 734-741-5858, Ext. 9226
Email: ranzini@university-bank.com

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SOURCE: University Bancorp, Inc.

View the original press release on ACCESS Newswire

FAQ

What percentage of Currency Exchange International does University Bancorp now own?

University Bancorp now owns 12.02% of Currency Exchange International's common shares, representing 751,448 shares.

How many shares did UNIB purchase in its latest acquisition of CXI stock?

UNIB purchased a total of 29,738 shares: 6,438 shares through the Toronto Stock Exchange and 23,300 shares through OTC Markets.

What was the total cost of UNIB's latest CXI share acquisition?

The total cost was C$125,863 for TSX purchases and US$332,996 for OTC Markets purchases, including commissions.

What are University Bancorp's stated intentions regarding its CXI investment?

UNIB holds shares for investment purposes and may explore various options including increasing/decreasing its position, hedging exposure, or engaging with CXI's management regarding business operations and strategy.

Where is Currency Exchange International headquartered?

Currency Exchange International is headquartered at 6649 Westwood Boulevard, Suite 250, Orlando, Florida, 32821, United States of America.