Level One Bank is well on its way to the next level, thanks to a spike in its asset size and staff.
The Farmington Hills-based bank’s assets have grown 25 percent over the last year, topping out at $630 million. Its deposits also stand at $545 million. That has allowed the company to grow its staff to 145 people at its seven branches across the region. It has hired 18 people over the last year, mostly in lending. The bank currently has four open positions.
“Our primary businesses are focused on commercial loans,” says Patrick Fehring, president & CEO of Level One Bank. “We’re seeing a lot of action in our loans to entrepreneurs. We’re also seeing an increase in our residential mortgage loans.”
Fehring expects his bank to grow another 15 percent this year. He sees Level One Bank’s status as a local bank as a key ingredient to its success at a time when an increasing number of people don’t trust large financial institutions.
“We think that gives us a distinct competitive advantage,” Fehring says. “It’s easier to connect with a decision maker at Level One Bank.”
Source: Patrick Fehring, president & CEO of Level One Bank
Writer: Jon Zemke
Read more about Metro Detroit’s growing entrepreneurial ecosystem at SEMichiganStartup.com.