Level One Bank made headlines last fall after acquiring fellow Oakland County-based Lotus Bank. Look for the newly merged banks (the acquisition should be completed in March) to make more news as they integrate together this year.
“This will be our third transaction,” says Patrick Fehring, president & CEO of Level One Bank, referring to his bank’s acquisitions of Paramount Bank in 2010 and Michigan Heritage Bank in 2009. “We’re focused on completing the acquisition of Lotus Bank and folding it into Level One Bank.”
The Farmington Hills-based bank got its start seven years ago. It has since grown to $825 million in assets, including the $110 million it added with the Lotus Bank acquisition. The bank has grown organically, too, locking down 18 percent growth in 2014 and projecting another 15 percent gain this year.
Level One Bank has hired 15 people over the last year, expanding its staff to 150 people. It’s also looking to hire another five people now. While those new jobs are largely across the board many of them are in the bank’s newly beefed-up commercial banking and residential lending departments.
“We’re pretty bullish on the local economy,” Fehring says. “It seems southeast Michigan is fairing pretty well right now.”
Source: Patrick Fehring, president & CEO of Level One Bank
Writer: Jon Zemke
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