FOR IMMEDIATE RELEASE: February 28, 2015 Media Contact: Don Tanner (248) 626-0006
FARMINGTON HILLS, Mich. (February 28, 2015) - Today Level One Bancorp, Inc. (Level One) and Lotus Bancorp, Inc. (Lotus) executed the financial transaction that completes the merger between the two banks. The result is one of the largest, locally owned independent community banks in Oakland County with combined assets of approximately $820 million. The announcement was made by Neal J. Searle, President and CEO of Lotus and Patrick J. Fehring, President and CEO of Level One.
The newly combined bank will now operate under the name Level One Bank, with systems conversion to be completed on April 27. The merger expands Level One Bank's branches to nine locations throughout Oakland and Macomb counties.
"Level One Bank is committed to community banking. This merger underscores that commitment and provides the opportunity for us to deliver financial services the Level One way to more clients," said Fehring.
"Lotus and Level One Bank share a similar culture and philosophy, so this merger was a natural fit," Searle said. "We anticipate a seamless transition for our clients and look forward to offering enhanced services under the Level One brand," he added.
Founded in 2007, Level One has completed two prior acquisitions in the past five years, including Michigan Heritage Bank in 2009 and Paramount Bank in 2010. Advisors for the latest acquisition to Level One include the law firm of Nelson Mullins Riley & Scarborough LLP. For Lotus, Austin Associates, LLC served as financial advisors with Howard and Howard providing legal counsel.
About Level One Bank
Level One Bank is a full-service, 5-Star BauerFinancial rated commercial and consumer bank committed to connecting with unparalleled service and delivering outstanding financial solutions. Owned and managed locally, Level One Bank is headquartered in Farmington Hills, Michigan with assets of approximately $820 million. It currently operates seven full-service banking centers, located throughout Oakland County and the surrounding communities. Level One Bank's Commercial Division provides a complete menu of products including lines of credit, term loans, leases, commercial mortgages, SBA loans, Export-Import Financing and a full suite of Treasury Management services. The Consumer Division offers personal savings and checking accounts, including free checking and competitive interest-bearing accounts such as Money Markets, IRAs, and CDs. The bank also provides a complete array of consumer loan products including residential mortgages, home equity, auto, and credit card services. Level One Bank offers the sophistication of a big bank, the heart of a community bank, and the spirit of an entrepreneur. For more information, please visit www.levelonebank.com.