FARMINGTON HILLS, Mich. – Level One Bancorp, Inc. completed its $67.8 million acquisition of Ann Arbor State Bank’s parent company Ann Arbor Bancorp, Inc. on Thursday.
The combined company now has approximately $1.8 billion in assets, $1.5 billion in deposits and $1.4 billion in loans, based on data from Sept. 30, 2019.
Level One Bank’s expanded network now includes fifteen banking centers throughout Ann Arbor, Metro Detroit and Grand Rapids.
“We look forward to welcoming Ann Arbor State Bank clients and team members to Level One,” President and Chief Executive Officer of Level One Bank Patrick J. Fehring said in a statement. “Once we complete our planned system conversion on March 23rd, 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.”
Chief Executive Officer of Ann Arbor Bankcorp, Peter Schork, echoed Fehring’s comments.
“We are proud to partner with a like-minded community bank that shares our values and embraces our culture,” said Schork. “I am confident this merger will benefit both our clients and the Ann Arbor/Jackson communities and will provide opportunities for many team members.”
Schork will take on a leadership position within the combined company, but he isn’t the only Ann Arbor State Bank team member to stay onboard. Many of its commercial lenders, retail banking associates, residential mortgage lenders and staff have been retained by Level One Bank.
“It’s a very strong bank, and it’s very well positioned in the marketplace,” Fehring told A4 in an interview in August, 2019. “Like Level One, Ann Arbor State Bank has a heritage of engagement in the community, and I think that’s something for us to build upon in a lot of sectors, whether it’s assisting with community-based initiatives for housing, credit availability, financial literacy and events sponsorship.”
Since its founding in 2007, Level One Bank has made several acquisitions, including:
- Michigan Heritage Bank in 2009
- Paramount Bank in 2010
- Lotus Bank in 2015
- Bank of Michigan in 2016
Ann Arbor State Bank banking centers will continue to operate under the name until March 23 when the system conversion is completed.
Level One Bank opened a banking center at 195 N. Maple Road in 2019 which is currently available for new account activity.
Level One Bank also announced that founding member of Ann Arbor Bancorp, Jacob W. Haas, has been elected to its Board of Directors.
To learn more about Level One Bank, visit www.levelonebank.com.