First Merchants has brokered a deal to acquire Level One Bancorp (LEVL) in a stock and cash transaction valued at approximately $323.5m.
Upon the deal completion, which is expected in the first half of 2022, Level One Bank will merge with and into First Merchants Bank.
As per the agreement, common shareholders of LEVL expect to receive 0.7167 shares of First Merchants common stock and $10.17 in cash for each share of LEVL common stock held.
Based in, Michigan, US, LEVL has $2.5bn in assets, $1.7bn in loans, and $2.1bn in total deposits as of 30 September 2021.
First Merchants president Mike Stewart said: “The LEVL franchise contiguously extends First Merchants further into southeastern Michigan. Our operating approach is focused on enhancing the financial wellness and prosperity of the communities we serve. Consistent with our brand reputation, our service model reflects a genuine relationship-oriented way of meeting the financial needs of businesses and consumers within the communities we serve.”
The merged entity will operate as First Merchants Bank, with over $17.6bn in assets and 122 offices across Indiana, Michigan, Ohio, and Illinois.
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Level One chairman and CEO Patrick Fehring said: “We believe our partnership with First Merchants will provide tremendous benefits to our customers, shareholders and communities as we look forward to continuing the legacy of exceptional customer service, local responsiveness and strong community engagement that has defined Level One Bank since it was founded in 2007.”