Ann Arbor, Mich.-based University Bancorp Inc. purchased certain assets from in-state mortgage lender Huron Valley Financial Inc. for $255,000, American Banker reported March 23.

University Lending Group LLC, University Bancorp's mortgage lending unit, hired 52 Huron Valley Financial employees, including residential loan officers, the publication added.

University Bancorp has about $295 million in assets and about 440 employees and offices throughout Michigan, according to the report.

University Lending Group also acquired assets and hired employees from Huron Valley Financial's reverse mortgage division, 1st Nations Reverse, and its wholesale lending division, HVF Partners, according to a press release. The new hires add 26 retail residential loan officers and 270 clients to its wholesale lending division.