Farmington Hills-based Level One Bank has entered into an agreement to acquire Bank of Michigan, also based in Farmington Hills, for nearly $17 million. As part of the acquisition, Bank of Michigan will merge its operations into Level One Bank, creating one of the largest locally owned, independent community banks in Oakland County.
“Our partnership with Bank of Michigan enhances our presence in Oakland County and allows us to better serve our combined customers in the region,” says Patrick Fehring, president and CEO of Level One Bank.
Level One Bank operates nine full-service banking centers throughout Oakland County, including Birmingham, Ferndale, and Bloomfield Township, among others. Founded in 2007, Level One Bank has completed three prior acquisitions, including Lotus Bank in 2015, Paramount Bank in 2010, and Michigan Heritage Bank in 2009.
Bank of Michigan operates a main branch location in Farmington Hills, along with an ATM location in Southfield.
“Level One Bank is culturally aligned with the franchise we have built over the last 10 years and is committed to embracing our business lines and customer base,” says Michael Sarafa, president and CEO of Bank of Michigan. “In addition, our clients will have access to new resources and conveniences, advanced treasury management services, and a complete line of home mortgage services.”
Shareholders of Bank of Michigan are expected to receive $17 per share in cash for their common stock. The combined institution will have combined assets of about $1 billion, including 11 banking centers in southeast Michigan.
The acquisition is expected to occur during the first quarter of 2016.
