UNITED STATES
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) March 31, 2005
Commission file number 0-16023
UNIVERSITY BANCORP, INC.
(Exact name of registrant as specified in its charter)
Delaware 38-2929531
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(State or other jurisdiction of (I.R.S. Employer incorporation)
Identification No.
959 Maiden Lane, Ann Arbor, Michigan 48105
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (734) 741-5858
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Item 4.01 Change in Registrant's Certifying Accountants
(a) Effective May 12, 2005, University Bancorp, Inc. (the "Registrant")
dismissed Grant Thornton LLP ("Grant Thornton") as its independent registered
public accounting firm. The dismissal of Grant Thornton was approved by the
Registrant's Audit Committee on May 12, 2005. Concurrently, with the Audit
Committee's decision, Grant Thornton informed the Company that it intended to
decline to stand for re-election as auditors.
The audit reports of Grant Thornton LLP on the consolidated financial statements
of the Registrant as of December 31, 2004 and for each of the three years then
ended, did not contain an adverse opinion or a disclaimer of opinion and were
not qualified or modified as to uncertainty, audit scope, or accounting
principles. During the two most recent calendar years ended December 31, 2004
and 2003, and from December 31, 2004 through the effective date of Grant
Thornton's dismissal (the "Relevant Period"), there have been no disagreements
between the Registrant and Grant Thornton on any matters of accounting principle
or practices, financial statement disclosure, or auditing scope or procedure,
which disagreements, if not resolved to their satisfaction, would have caused
Grant Thornton to make reference to the subject matter of such disagreements in
connection with its reports. Also, during the Relevant Period, there were no
reportable events as described in Item 304(a)(1)(v) ("Reportable Events")
of Regulation S-K issued by the Securities and Exchange Commission (the
"Commission").
The Registrant has requested that Grant Thornton provide such letter as promptly
as possible so that the Registrant can file the letter on an amendment to this
Form 8-K within 10 business days after the date of filing this Form 8-K.
Within two business days of its receipt of such letter from Grant Thornton, the
Registrant intends to amend this Form 8-K by filing such letter as an exhibit
to this Form 8-K.
(b) Effective May 12, 2005, the Registrant engaged UHY LLP as its independent
registered public accounting firm to audit the Registrant's financial statements
for its current fiscal year, subject to satisfactory completion by UHY LLP of
its standard client acceptance procedures. The engagement of UHY LLP was
approved by the Registrant's Audit Committee on May 12, 2005.
During the Relevant Period, neither the Registrant nor (to the Registrant's
knowledge) anyone acting on behalf of the Registrant consulted with UHY LLP
regarding either (i) the application of accounting principles to a specified
transaction (either completed or proposed), (ii) the type of audit opinion that
might be rendered on the Registrant's financial statements, or (iii) any
Reportable Event.
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.
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Date: May 16, 2005 University Bancorp, Inc.
/s/ Stephen Lange Ranzini
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Stephen Lange Ranzini