Farmington Hills-based Level One Bancorp Inc. and Ann Arbor Bancorp Inc., the privately owned parent company of Ann Arbor State Bank, Thursday completed their previously announced merger creating an entity with approximately $1.8 billion in assets, $1.4 billion in loans, and $1.5 billion in deposits. Financial terms of the agreement were not disclosed.
The merger expands Level One Bank’s network to 15 banking centers throughout the Ann Arbor, metro Detroit, and Grand Rapids areas.
“Once we complete our planned system conversion on March 23, 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,” says Patrick J. Fehring, president and CEO of Level One Bank.
Level One Bank says it has retained many Ann Arbor State Bank employees, 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 complete in March, 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 Rd. in Ann Arbor in 2019, and it was available for new account activity before the conversion.
In conjunction with this transaction, Jacob W. Haas, a founding board member and chairman of the Ann Arbor Bancorp board, has been elected to the Level One Bancorp board of directors.
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.