First Merchants Corp. in Muncie, Ind., the financial holding company of First Merchants Bank, and Level One Bancorp in Farmington Hills, have completed the legal closing of the merger announced in November 2021.
Level One operated 17 banking center locations in the Michigan area, all of which will remain part of the First Merchants franchise. Since its founding in 2007, Level One Bank grew into one of the largest community banks in the state with total assets of $2.52 billion, total loans of $1.65 billion, and total deposits of $2.04 billion as of December 31, 2021.
“Like First Merchants, Level One achieved a solid reputation for a deep-rooted commitment to community banking, and we are excited they have chosen to become the newest member of the First Merchants family,” says Mark Hardwick, CEO of First Merchants.
“The LEVL franchise helps us to contiguously extend our presence in Michigan, leveraging the vision of First Merchants to enhance the financial wellness of the diverse communities we serve.”
First Merchants will have assets of approximately $18 billion and will remain the second largest financial holding company headquartered in Indiana. The combined company, doing business as First Merchants Bank, will complete its integration during the third quarter of 2022.
The company will have 126 banking offices across Indiana, Michigan, Ohio, and Illinois.
“Our merger into First Merchants provides tremendous benefits to customers, shareholders, and communities as we look forward to continuing the exceptional customer service, local responsiveness, and strong community engagement that has defined Level One since its founding in 2007,” says Patrick J. Fehring, CEO of Level One. “First Merchants is the perfect partner to continue our legacy of service excellence.”