On February 17, 2015, the shareholders of Lotus Bancorp, Inc. (Lotus) approved the merger of Lotus into Level One Bancorp, Inc. (Level One). This transaction will create one of the largest, locally owned independent community banks in Oakland County. The announcement was made by Neal J. Searle, President and CEO of Lotus and Patrick J. Fehring, President and CEO of Level One.
The merger, which will include the consolidation of Lotus’ subsidiary bank Lotus Bank into Level One’s subsidiary bank, Level One Bank, closed February 28. The transaction received approval by federal and state regulatory authorities. Upon closing, the two institutions will have combined assets of approximately $820 million, including nine banking centers in Southeast Michigan.
“We greatly appreciate the confidence the shareholders have placed in Level One and look forward to welcoming Lotus clients to our Bank,” said Fehring. “This acquisition allows us to continue our commitment to local community banking while providing new office locations and resources – including residential mortgage, Treasury Management and investment services – to their clients.”
“Our shareholders have demonstrated full support of this partnership,” said Searle. “Joining forces with Level One will provide more opportunities and the infrastructure and resources necessary to continue to be competitive for our clients and communities. Level One’s team and Board members have been exceptional to work with, a clear illustration of what the future holds for the combined organization.”
Founded in 2007, Level One has completed two prior acquisitions in the past five years, including Michigan Heritage Bank in 2009 and Paramount Bank in 2010. Advisors for the latest acquisition to Level One include the law firm of Nelson Mullins Riley & Scarborough LLP. For Lotus, Austin Associates, LLC served as financial advisors with Howard and Howard providing legal counsel.
About Level One Bank
Level One Bank is a full-service, 5-Star BauerFinancial rated commercial and consumer bank committed to connecting with unparalleled service and delivering outstanding financial solutions. Owned and managed locally, Level One Bank is headquartered in Farmington Hills, Michigan with assets of approximately $715 million. It currently operates seven full-service banking centers, located throughout Oakland County and the surrounding communities. Level One Bank’s Commercial Division provides a complete menu of products including lines of credit, term loans, leases, commercial mortgages, SBA loans, Export-Import Financing and a full suite of Treasury Management services. The Consumer Division offers personal savings and checking accounts, including free checking and competitive interest-bearing accounts such as Money Markets, IRAs, and CDs. The bank also provides a complete array of consumer loan products including residential mortgages, home equity, auto, and credit card services. Level One Bank offers the sophistication of a big bank, the heart of a community bank, and the spirit of an entrepreneur. For more information, please visit www.levelonebank.com.
About Lotus Bank
Established in 2007, Lotus Bank was founded by Indian-American business and medical industry leaders from southeast Michigan. Lotus Bank is a State chartered full service commercial bank headquartered in Novi, Michigan providing a broad range of commercial and consumer banking services to small and medium sized businesses, professionals and individuals including no-fee checking accounts, money market accounts, CDs, Small Business Administration (SBA) loans and construction loans. Operating branch offices in Novi and Farmington Hills, Lotus Bank is one of the most well capitalized banks in Michigan. In 2013, Lotus Bank was ranked number 14 by the American Bankers Association (ABA) in its list of Top 100 community banks in the U.S. in its “Banks and Thrifts Under $100 Million” category. For more information, please visit www.lotusbank.com.