Level One Bancorp Inc. and Bank of Michigan have completed a merger between the two Farmington Hills-based banks. The result is one of the largest, locally owned independent community banks in Oakland County with combined assets of approximately $1 billion. Complete terms of the agreement were not disclosed.
The newly combined bank will operate under the name Level One Bank and will expand it’s branch network to 11 throughout Southeast Michigan.
“This partnership enables us to better serve our combined clients through additional branch locations, more robust services, and a growing commitment to money services Businesses,” says Patrick J. Fehring, President and CEO of Level One Bank.
“I am confident this merger will be beneficial for the clients, employees and shareholders of both companies,” says Michael G. Sarafa, president and CEO of Bank of Michigan.
Founded in 2007, Level One Bank has completed three prior acquisitions in the past six years, including Michigan Heritage Bank in 2009, Paramount Bank in 2010, and Lotus Bank in 2015.