First Merchants Corp. Completes Legal Closing of Level One Bancorp Merger

About this update from First Merchants Corporation

[{"type":"text","content":"MUNCIE, Ind., April 01, 2022 (GLOBE NEWSWIRE) -- First Merchants Corporation (NASDAQ: FRME) and Level One Bancorp, LLC (NASDAQ: LEVL) have finalized a merger of the two companies. Following regulatory approvals last month, the companies consummated their legal closing through a cash/stock transaction effective April 1, 2022. As previously announced in late 2021, Level One Bank will also merge with and into First Merchants Bank. Headquartered in Farmington Hills, Michigan, LEVL operated 17 banking center locations in the Michigan area, all of which will remain part of the First Merchants franchise. Since its founding in 2007, Level One Bank grew into one of the largest community banks in the state with total assets of $2.52 billion, total loans of $1.65 billion, and total deposits of $2.04 billion as of December 31, 2021. “Like First Merchants, Level One achieved a solid reputation for a deep-rooted commitment to community banking, and we are excited they have chosen to become the newest member of the First Merchants family,” said First Merchants CEO, Mark Hardwick. “The LEVL franchise helps us to contiguously extend our presence in Michigan, leveraging the vision of First Merchants to enhance the financial wellness of the diverse communities we serve.” “Our merger into First Merchants provides tremendous benefits to customers, shareholders and communities as we look forward to continuing the exceptional customer service, local responsiveness and strong community engagement that has defined Level One since its founding in 2007,” said Level One CEO, Patrick J. Fehring. “First Merchants is the perfect partner to continue our legacy of service excellence.” First Merchants will have assets of approximately $18 billion and will remain the second largest financial holding company headquartered in Indiana. The combined company, doing business as First Merchants Bank, will complete its integration during the third quarter of 2022. The company will have 126 banking offices across Indiana, Michigan, Ohio and Illinois. About First Merchants Corporation First Merchants Corporation is a financial holding company headquartered in Muncie, Indiana. The Corporation has one full-service bank charter, First Merchants Bank. The Bank also operates as First Merchants Private Wealth Advisors (as a division of First Merchants Bank). First Merchants Corp...

More updates from First Merchants Corporation