Level One Bancorp in Farmington Hills, Mich., has agreed to buy Bank of Michigan in Farmington Hills.
The $905 million-asset Level One said in a press release that it will pay $17 a share in cash for the $110 million-asset Bank of Michigan. The deal is expected to close in the first quarter.
"Our partnership with Bank of Michigan enhances our presence in Oakland County and allows us to better serve our combined customers in the region," Patrick Fehring, Level One's president and chief executive, said in the release. "We look forward to working together as we continue building a better way to bank for businesses and communities in Southeast Michigan."
This is the fourth acquisition for Level One, which also bought Michigan Heritage Bank in 2009, Paramount Bank in 2010 and Lotus Bank earlier this year.
Level One was advised by Nelson Mullins Riley & Scarborough. Bank of Michigan was advised by FinPro Capital Advisors and Howard & Howard Attorneys.
