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Michigan-based Level One Bancorp, Ann Arbor Bancorp complete in-state merger

Farmington Hills, Mich.-based Level One Bancorp Inc. completed its acquisition of Ann Arbor, Mich.-based Ann Arbor Bancorp Inc. on Jan. 2.

The combination brings a total of $1.8 billion in assets, $1.4 billion in loans and $1.5 billion in deposits, according to a release from the merged company.

Level One Bank's network will expand to 15 banking centers throughout the Ann Arbor, metro Detroit and Grand Rapids areas.

The banking centers of Ann Arbor State Bank will adopt the Level One Bank name when the system conversion is completed March 23, according to the release.

Level One retained Ann Arbor State Bank's commercial lenders, residential mortgage lenders, retail banking associates, and other staff members. In addition, Jacob Haas, the former chairman of Ann Arbor State Bank's board of directors, was named to Level One's board.

This was Level One Bank's fifth acquisition since its founding in 2007.

Performance Trust Capital Partners LLC served as financial adviser, and Barack Ferrazzano Kirschbaum & Nagelberg LLP provided legal counsel to Level One during the acquisition. Sandler O'Neill + Partners LP served as financial adviser, and Varnum LLP provided legal counsel to Ann Arbor Bancorp.