Bank of Ann Arbor acquires Plymouth bank as part of expansion plans

The Bank of Ann Arbor is growing by means other than just acquiring defaulting banks. It has practically doubled its employee base as the local lending institution continues to take advantage of the opportunities created by the financial crisis.Excerpt:There are two types of banks in this world. The big conglomerates everyone sees on the news taking the blame for the current state of the economy, and then there are the local banks using these problems as opportunities for growth. Bank of Ann Arbor is in the latter category.The downtown-based financial institution now employs 181 people, which is up from 96 when we checked in with the firm last fall. Bank of Ann Arbor acquired the New Liberty Bank over the weekend, adding another 16 people to its payroll, and expects to hire another 7-10 people over the remainder of the year for everything from commercial lending to investment management to IT.”We’re continuing to add people while other businesses are laying people off or not giving out raises or taking away 401Ks,” says Tim Marshall, president and CEO of Bank of Ann Arbor.Read the rest of the story here.