University Bancorp, Inc. has signed definitive agreements to acquire Greater Pacific Bancshares, its wholly owned subsidiary Bank of Whittier, NA, and American Finance House LARIBA. After the closing, University Bancorp anticipates increasing the profitability of Bank of Whittier and UIF, and expects the transaction to be accretive to earnings per share over time. Residential servicing performed by Bank of Whittier and LARIBA is planned to be transferred to Midwest Loan Services, a division of University Bank, to achieve significant economies of scale. The shares of LARIBA will be converted into cash totaling approximately $8.18 million, subject to adjustment. There are no plans to consolidate Bank of Whittier and University Bank.