economies microfinance

Industry Calls Into Question 'Consumer ' Group's Research Methods

WASHINGTON, A payday lending study released
today(1) by the FDIC Center for Financial Research said that, "Despite
allegations to the contrary, we didn't find evidence that payday advance
stores tend to locate in minority neighborhoods. Cirillo's preliminary review has already found problems with
the regression analysis methodology of the CRL report. Theodore Mitchell will become the organization's new CEO."
NewSchools Venture Fund is a national nonprofit working to transform
public education for underserved children, by supporting education
entrepreneurs who create high-quality education ventures aimed at dramatically
improving urban public schools.

" These
organizations, based on an innovative nonprofit model developed by NewSchools,
build scalable branded systems of high-performing public charter schools in
key urban communities across the country . NewSchools also works with a bi-partisan
community of education, nonprofit, policy, and business leaders to accelerate
the process of education reform. The Community
Banking operation focuses on local businesses, minorities and the
non-profit communities.

sustainably socially

Federal Agency Study Contradicts Center for Responsible Lending's Findings on Payday Advance and Minorities

NewSchools Venture Fund Names New CEO

Board Member Ted Mitchell to Lead Next Wave of Investments for K-12 Education
Reform

SAN FRANCISCO, NewSchools Venture Fund announced
today that Dr. Over the next decade these entrepreneurs will create or turn
around more than 2,250 public schools in the neediest communities, and will
directly serve more than 2 million students.S.S.

financier intermediary

Cirillo , Ph. "NewSchools is demonstrating the
power of entrepreneurs to dramatically improve public education for low-income
students," noted NewSchools board member Brook Byers. regarding
University Bank 's recently formed Islamic Banking Subsidiary, University
Islamic Financial Corporation (UIFC) and the trend towards U.

shorebank intermediary

Patricia J. Dr. "He has been with NewSchools from the beginning, has
incredible leadership accomplishments in education, and is the perfect choice
for this key role. At Occidental , he led a turnaround in the
institution's finances, a dramatic increase in applications and donations to
the college, and a marked rise in its national reputation. businesses
offering products geared to meet the specific needs of the Muslim
community.S.

monies intermediary

D.
(2) The Center for Responsible Lending is a "consumer" group tied to the
SELF-HELP Credit Union.newschools.

shorebank harvested

UIFC engages in Islamic Banking
with an initial focus on its existing product set: soliciting Islamic
Sharia'a FDIC-insured Deposits held by University Bank and originating
Islamic Sharia'a home financings as agent for University Bank.

Additional comprehensive investor relations information on University
Bancorp is available at www.

intermediary fdic

com/islamic.

fdic meeker

"

(1) The study was released at the Federal Reserve System's Community
Affairs Research Conference.
"Under Kim Smith's leadership, NewSchools created an important new
approach to improving public education," commented NewSchools board member
John Doerr."
Mitchell will lead significant expansion of NewSchools' activity. Founded in
1998, NewSchools has invested more than $40 million in both nonprofit and
for-profit organizations. and the world .

monies investing

"Numerous questions cloud the findings of this report, so we're calling on
the Center for Responsible Lending to show its back-up data to an expert,"
said Lynn DeVault, president of CFSA ."
CFSA is offering to send Dr. "I'm proud of what we have
accomplished in the last seven years towards our mission of ensuring that all
children receive an excellent public education, and I'm tremendously
optimistic about what NewSchools will accomplish in the future under Ted's
leadership .

Investor Relations Web Site

For additional information about UIFC's Sharia'a compliant products and its
fatawa, see www .university-bank.

shorebank underserved

"
"This is an important moment in the organization's growth, and we are
thrilled that a leader of Ted's caliber has stepped forward to lead this
work," Doerr added. "As an education entrepreneur herself, Kim Smith has created an
important and innovative organization in the landscape of public school
reform.m.

mobilizes invested

This
will include further investment in "charter management organizations ."
Mitchell is a nationally recognized leader in education at both the K-12
and post-secondary levels.org ) is a national nonprofit venture philanthropy
firm that is working to transform public education for underserved children by
supporting education entrepreneurs who create high-quality education ventures,
and by providing thought leadership across traditional education boundaries to
ensure that results-oriented, systemic change is accomplished.

fdic monies

, a statistician
with the independent Cypress Research Group, to review CRL's back-up data and
methodology.

I am passionate about NewSchools' mission to harness the power of
entrepreneurs to transform education so that every child has access to an
excellent public school, and I look forward to the opportunity to lead the
organization for many years to come. In addition to his
six-year term at Occidental, he served in senior leadership roles at Stanford
and UCLA and began his career as a professor of education at Dartmouth.

shorebank regionally

"The media as well as the public need to
know that the Center for Responsible Lending doesn't employ methodologies to
reach predetermined results. "Kim introduced 'education entrepreneur ' into the national
lexicon, and created a new national network of leaders who cross traditional
boundaries of the sectors and political parties in order to focus on improved
outcomes for students. Mitchell 's
education policy work has included a three-year term as senior education
advisor to Los Angeles Mayor Richard Riordan as well as his current role as
chair of Governor Arnold Schwarzenegger's Advisory Committee on Educational
Excellence.

economies economically

The Community Financial Services Association of America (CFSA), the payday
advance industry trade group, has challenged CRL to reveal the back-up data
from its report "Race Matters: The Concentration of Payday Lenders in the
African-American Communities in North Carolina," a study widely reported in
the media.
In a letter to CRL sent on April 7th, DeVault said her organization was
stunned by the lack of credible data backing up the well-publicized report.
"Ted Mitchell is an exceptional leader, and we are excited to have such a
strong CEO to lead NewSchools toward a new level of national impact," said Kim
Smith, co-founder and current CEO of NewSchools.

mobilizes socially

"
The FDIC-commissioned study contradicts the conclusions of a study
released last week by the Center for Responsible Lending (CRL)(2) that claimed
the industry was targeting minorities. UIFC's
products have received favorable legal rulings (fatawa) from some of the
leading Islamic legal scholars in the U.

Ann Arbor based University Bancorp owns 100% of University Bank which
manages a total of $3. University Bank is an
FDIC-insured, locally owned and managed Community Bank primarily serving
the cities of Ann Arbor and Ypsilanti of Washtenaw County.

socially economies

Credit Unions are competitors of the payday advance
industry.
Mitchell, who has served as a NewSchools Board Member since 1998, will step
down as President of Occidental College to lead NewSchools in its work to
transform public K-12 education.

marginalised socially

Founding CEO Kim Smith, who created
NewSchools Venture Fund in 1998 with technology venture capitalists and
entrepreneurs, will continue to work full-time with NewSchools as Executive
Chairman of the Board. Our current investments focus on facilitating the
growth of nonprofit charter school systems and enabling school districts to
become performance -driven systems.
Stephen Lange Ranzini, President and Chairman
of Ann Arbor's University Bank (NASDAQ: UNIB), announced that CNBC has
invited him to participate in a live interview today at 3:40 p.htm. Other Community Banking
specialties include highly competitive deposit products for business
owners, residential mortgages, commercial real estate lending and
insurance, investments and money management through its wholly-owned
subsidiary University Insurance & Investments, Inc.

sustainably marginalised

About NewSchools Venture Fund: NewSchools Venture Fund
( http://www.35 billion in assets.

economically investing

PRESS RELEASE CNBC Live Interview Today at 3:40pm EST on Islamic Banking +amp; University Bank's Islamic Banking Subsidiary

university-bank. University Bank is the only financial institution
headquartered in Washtenaw County to be rated "Outstanding" by the FDIC for
Community Service and Community Reinvestment .com/bancorp.htm.

acquires microfinance

NewSchools also provides thought leadership
across traditional education boundaries to ensure that results-oriented,
systemic change is accomplished.

Community investing is one of the four key strategies of socially responsible investors.

Community development financial institutions ' primary business is supporting local economic empowerment, reducing poverty, financing affordable housing , and job creation.

mobilizes shorebank

The FDIC study says that the number of
payday advance stores in zip codes where populations are predominantly
African-American is roughly equal to overall population percentages .
"Frankly, given the inflammatory tone of the report, we are surprised that
it was not backed by a more detailed, scientific and transparent presentation
of the data," DeVault wrote. During its first seven years, NewSchools has
raised $80 million and has invested in more than 25 nonprofit and for-profit
entrepreneurial ventures, including New Leaders for New Schools, Aspire Public
Schools , Achievement First, Mastery Charter High School, Teachscape, and Teach
For America.
"I am excited and honored to join the NewSchools team as CEO," said
Mitchell.

Such a bank, credit union, or other financial institution may work within a small locality, regionally, or globally.

intermediary reinvesting

Islamic Banking Subsidiary to be formed. In addition to its
Community Banking operations, University Bancorp specializes in Islamic
Banking through 80%-owned University Islamic Financial Corporation and also
in mortgage subservicing and mortgage origination primarily serving credit
unions through the Bank's Houghton-based 80%-owned subsidiary, Midwest Loan
Services.

benefiting mobilizes

In addition, Mitchell will oversee
investments to support education entrepreneurs who are creating tools to
enable school districts to become performance-driven systems, as well as the
growth of NewSchools' thought leadership and knowledge dissemination
practices.

shefa shorebank

"For the credibility of your organization, the
contradiction between your study and the FDIC-commissioned study must be
addressed. As
Dean of the School of Education at UCLA, Mitchell and his colleagues developed
the School Management Program, a unique training program for school leaders
conducted in collaboration with the Anderson School of Business .

UIFC, which was formed on December 29, 2005 and capitalized with
$15,581,000 in shareholder equity and assets, is the first ever U. University Bank
also recently announced a $100,000,000 strategic relationship with the
Federal Home Loan Mortgage Corporation to create a secondary market for
UIFC 's Sharia'a compliant home financings nationwide.