FARMINGTON HILLS —The shareholders of Novi-based Lotus Bancorp today approved the merger with Level One Bancorp of Farmington Hills, to create one of the largest, locally owned independent community banks in Oakland County. All Lotus branches will carry the Level One name.
Upon closing at the end of the month, the two institutions will have combined assets of approximately $820 million, including nine banking centers in Southeast Michigan. Level One has completed two prior acquisitions in the past five years, including Michigan Heritage Bank in 2009 and Paramount Bank in 2010. Lotus Bank was founded by Indian-American business and medical industry leaders from southeast Michigan.
“This acquisition allows us to continue our commitment to local community banking while providing new office locations and resources – including residential mortgage, treasury management and investment services – to their clients,” says Patrick J. Fehring, president and CEO of Level One.
“Joining forces with Level One will provide more opportunities and the infrastructure and resources necessary to continue to be competitive for our clients and communities,” says Neal J. Searle, president and CEO of Lotus, who will remain as an adviser to the new company.