1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 12, 2000
UNIVERSITY BANCORP, INC.
- -------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 0-16023 38-2929531
- -------------------------------------------------------------------------------
(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification
incorporation) No.)
959 Maiden Lane, Ann Arbor, Michigan 48105
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (734) 741-5858
N/A
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report.)
2
Item 4. Changes in Registrant's Certifying Accountant.
(a) On July 24, 2000 University Bancorp, Inc. (the "Company")
received a proposal from Grant Thornton LLP for external audit
and tax services, which proposal contained a significantly
lower proposed cost than the Company's historical expense for
such service.
On September 5, 2000, the Company was informed by Crowe,
Chizek and Company LLP ("Crowe, Chizek") of their decision to
not stand for re-election to perform the 2000 audit of the
Company's consolidated financial statements.
During the Company's two most recent fiscal years ended
December 31, 1999 and any subsequent interim period through
September 5, 2000, there were no disagreements or reportable
events with Crowe Chizek on any matter of accounting
principles or practices, financial statement disclosure, or
auditing scope or procedure, which disagreements, if not
resolved to their satisfaction, would have caused them to make
reference to the subject matter of the disagreements in
connection with their reports.
The audit reports of Crowe, Chizek on the Company's
consolidated financial statements as of and for the years
ended December 31, 1999 and 1998, did not contain an adverse
opinion or disclaimer of opinion, nor were they qualified or
modified as to uncertainty, audit scope, or accounting
principles.
The Company requested that Crowe, Chizek furnish the Company
with a letter, as promptly as possible, addressed to the
Securities and Exchange Commission, stating whether they agree
with the statements in this Item 4, and if not, stating the
respects in which they do not agree. This letter is filed as
Exhibit 16 to this Current Report.
(b) On September 7, 2000, the Company engaged Grant Thornton LLP
as the Company's independent accountants for the year ending
December 31, 2000. The decision to appoint Grant Thornton was
approved by the audit committee of the Company's Board of
Directors.
Item 7. Financial Statements and Exhibits
(c) Letter of Crowe, Chizek and Company LLP dated September 12,
2000.
2
3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
UNIVERSITY BANCORP, INC.
Date: September 12, 2000 By: /s/ Stephen Lange Ranzini
-----------------------------
Stephen Lange Ranzini
President and Chief Executive
Officer
3
4
Exhibit Number Description
- -------------- -----------
16 Letter of Crowe, Chizek and Company LLP dated
September 12, 2000
4