FARMINGTON HILLS — The shareholders of Oxford Bank Corporation approved a definitive agreement under which Oxford will merge into Level One Bancorp, Inc. This deal will create one of the largest, locally owned independent community banks in Oakland County. The announcement was made by James Bess, President and CEO of Oxford Bank and Patrick Fehring, President and CEO of Level One Bank.
In September, the two banks announced plans to merge Oxford Bank operations with Level One Bank, following the unanimous approval of the Boards of Directors of both financial institutions. With this final approval by Oxford shareholders, the sale is now subject to approval by the Federal Reserve Bank of Chicago, the Michigan Office of Finance and Insurance Regulation and the FDIC, as is customary in such transactions. It is anticipated that this process will be completed by the 1st quarter of 2013. Upon closing, the two institutions will have combined assets of approximately $750 million, including 15 bank branches.
“We greatly appreciate the confidence the shareholders have placed in Level One and our growing relationship with Oxford and the surrounding communities,” said Patrick Fehring, President and CEO of Level One Bank. “We look forward to building upon their nearly 130-year tradition of service while bringing new resources – including residential and mortgage services, business loans and Treasury Management services – to the community.”
“Our shareholders’ show of support demonstrates we are moving in the right direction,” said James Bess, President and CEO of Oxford Bank. “Joining forces with Level One will provide the capital, infrastructure and resources necessary to continue our heritage as a full-service community bank focused on the customers in our backyard.”
Founded in 2007, Level One Bank has completed two prior acquisitions in the past five years, including Michigan Heritage Bank in 2009 and Paramount Bank in 2010. Advisors for the latest acquisition for Level One include the financial firm of Sterne, Agee & Leach, Inc. and the law firm of Howard & Howard. For Oxford, Austin Associates LLC, served as financial advisors with Shumaker, Loop & Kendrick LLP, providing legal counsel.