Level One Bancorp, Inc. Acquires Ann Arbor State Bank
Update: The deal announced in August 2019 has been completed. Click on the article below to read more about this transaction.
- Crain's Detroit Business (January 2, 2020)
August 13, 2019 - Level One Bank Press Release
Level One Bancorp, Inc. to Acquire Ann Arbor State Bank
Barack Ferrazzano served as counsel for Level One Bancorp, Inc. (“Level One”) (Nasdaq: LEVL) in connection with its acquisition of Ann Arbor Bancorp, Inc. ("Ann Arbor") and its wholly-owned subsidiary, Ann Arbor State Bank.
Patrick J. Fehring, President and Chief Executive Officer of Level One Bank, said "We are pleased to welcome the customers and team members of Ann Arbor State Bank to the Level One family. This merger aligns with our strategic growth goals and affords us an opportunity to accelerate our expansion in the very attractive Ann Arbor market. Further, this transaction allows us to productively deploy the capital we raised during our 2018 initial public offering."
Under the terms of the agreement, Ann Arbor shareholders will receive $38.50 per share in an all-cash transaction. The aggregate deal value is approximately $67.8 million. Upon completion of the acquisition, the combined company will have over $1.8 billion in assets, $1.4 billion in loans and $1.5 billion in deposits based upon financials as of June 30, 2019. The transaction is expected to close in the last quarter of 2019 or the first quarter of 2020 and is subject to customary closing conditions, including regulatory approvals and Ann Arbor shareholder approval.
Barack Ferrazzano's team was led by Bill Fay, John E. Freechack, and Neil R. Patel. Executive compensation and benefits were handled by Andrew. K. Strimaitis and Andrew J. Gordon. Tax matters were handled by Michael J. Towne, Alice Lin, and Megan E. Toal.
To learn more about this transaction, visit: https://www.levelonebank.com/Resources/About-Us/News/level-one-bancorp-inc-and-ann-arbor-bancorp-inc-to-merge-and-significantly-expand-franchise-in-the-ann-arbor-market
About Level One Bancorp, Inc.
Level One Bancorp, Inc. is the holding company for Level One Bank, a full-service commercial and consumer bank headquartered in Michigan with assets of approximately $1.3 billion as of December 31, 2017. It currently operates twelve full-service banking centers located throughout Southeast Michigan and West Michigan. Level One Bank’s success has been recognized both locally and nationally as the U.S. Small Business Administration’s (SBA) "Community Lender of the Year" and "Export Finance Lender of the Year", one of S&P Global’s Top 10 "Best-Performing Community Banks" in the nation, Inc. Magazine’s list of 5,000 "Fastest Growing Private Companies in America", and one of American Banker Magazine’s "Best Banks to Work For."