FARMINGTON HILLS, Michigan and ANN ARBOR, Michigan (January 2, 2020) – Today Level One Bancorp, Inc. (Nasdaq: LEVL)("Level One Bank") and Ann Arbor Bancorp, Inc., the privately-owned parent company of Ann Arbor State Bank (together, “AAB”), completed their previously-announced merger transaction.
The size of the combined company is approximately $1.8 billion in assets, $1.4 billion in loans and $1.5 billion in deposits, based on information as of September 30, 2019. The merger expands Level One Bank’s network to fifteen banking centers throughout the Ann Arbor, Metro Detroit and Grand Rapids areas.
“We look forward to welcoming Ann Arbor State Bank clients and team members to Level One,” said Patrick J. Fehring, President and Chief Executive Officer of Level One Bank. “Once we complete our planned system conversion on March 23rd, clients will have access to a larger network of banking centers, a wider range of products and services, and the same commitment to personal service and community values they are accustomed to from Ann Arbor State Bank.”
“We are proud to partner with a like-minded community bank that shares our values and embraces our culture. I am confident this merger will benefit both our clients and the Ann Arbor/Jackson communities and will provide opportunities for many team members,” said Peter Schork, Chief Executive Officer of AAB.
Level One Bank has retained many Ann Arbor State Bank team members including its commercial lenders, residential mortgage lenders, retail banking associates, and various staff members. Current banking centers of Ann Arbor State Bank will continue to operate under the Ann Arbor State Bank name until the system conversion is completed on March 23rd, when they will be transitioned to the Level One Bank name. Signage conversion will occur simultaneous with the system conversion. Separately, Level One Bank opened a banking center location at 195 N. Maple Road in Ann Arbor in 2019 and is available for new account activity before the conversion.
In conjunction with this transaction, Level One Bancorp, Inc. is pleased to announce that Jacob W. Haas has been elected to its Board of Directors. Mr. Haas has a long and distinguished business career in Washtenaw County and was a founding board member of AAB. Most recently Mr. Haas held the position of Chairman of the Board of Ann Arbor Bancorp, Inc.
Level One Bank has completed four prior acquisitions since its founding in 2007, including Michigan Heritage Bank in 2009, Paramount Bank in 2010, Lotus Bank in 2015, and Bank of Michigan in 2016.
Performance Trust Capital Partners, LLC served as financial advisor, and Barack Ferrazzano Kirschbaum & Nagelberg LLP provided legal counsel to Level One. Sandler O’Neill + Partners, L.P. served as financial advisor, and Varnum LLP served as legal counsel to AAB.