Universal Bancorp has come to terms with a nationally chartered bank which will allow it to concentrate its efforts on originations and ancillary growth. The joint venture agreement calls for the nationally chartered bank (the name has been withheld pending final signatures), will take on all of the back end underwriting, while allowing Universal Bancorp to concentrate all of its efforts on its nationally based, completely revamped origination platform.
Universal Bancorp, which is well capitalized at this time is seeking additional an additional invesment of between $250K and $500K which will allow it to "take its web presence to a level that would be unprecedented"
Universal Bancorp is holding firm with 'coming out' party of the second quarter of 2009
