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

Rhea-AI Summary

University Bancorp (UNIB) has acquired 6,200 common shares of Currency Exchange International (CXI) through the Toronto Stock Exchange at an average price of C$20.05 per share, totaling C$124,310. This strategic investment increases UNIB's ownership from 9.90% (627,310 shares) to 10.00% (633,510 shares) of CXI's outstanding common shares.

The acquisition was disclosed through an early warning report under National Instrument 62-103. UNIB states it holds CXI shares for investment purposes and will continue reviewing investment performance and alternatives, including potentially increasing or decreasing its position, hedging its exposure, or engaging with CXI's management regarding business operations and strategy.

Positive

• Reached significant 10% ownership milestone in CXI
• Strategic investment increases influence in currency exchange sector

Negative

• Relatively small transaction size (C$124,310) indicates immediate impact
• Investment represents only 0.10% ownership increase

TORONTO, ON / ACCESS Newswire / April 9, 2025 / University Bancorp, Inc. ("UNIB") announced today that it has acquired 6,200 common shares ("Common Shares") of Currency Exchange International, Corp. ("CXI") through the facilities of the Toronto Stock Exchange at an average price of C$20.05 per Common Share, for a total purchase price of C$124,310. This acquisition represents an increase in UNIB's holdings of approximately 0.10% 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 633,510 Common Shares, representing approximately 10.00% 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 627,310 Common Shares, representing approximately 9.90% 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

Ann Arbor-based UNIB 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.

• 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 Regarding Forward-Looking Information

This press release contains certain forward-looking statements that involve risks and uncertainties. Forward-looking statements include, but are not limited to, statements concerning UNIB's intentions with respect to its investment in CXI. 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, market, general economic, competitive, governmental and technological conditions and the dynamic nature of the industry in which CXI operates. 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, University Bancorp, Inc.
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

How many CXI shares did University Bancorp (UNIB) acquire in April 2025?

UNIB acquired 6,200 common shares of CXI at C$20.05 per share, for a total investment of C$124,310.

What is UNIB's total ownership percentage in CXI after the recent acquisition?

After the acquisition, UNIB owns 633,510 shares, representing 10.00% of CXI's outstanding common shares.

What was the purchase price per share for UNIB's recent CXI acquisition?

UNIB purchased the CXI shares at an average price of C$20.05 per common share.

What are UNIB's stated intentions regarding its CXI investment?

UNIB holds shares for investment purposes and may increase/decrease its position, hedge exposure, or engage with management regarding business operations and strategy.