Level One in Michigan plans IPO
Level One Bancorp in Farmington Hills, Mich., aims to raise $25 million through an initial public offering.
A prospectus filed Friday by the $1.3 billion-asset company did not disclose how many shares it plans to sell or the proposed pricing. It is unclear when Level One plans to go public.
Level One said it plans to use proceeds from the offering for general corporate purposes, including organic growth and potential future acquisitions. The company said it has no specific acquisitions lined up.
The company, which was founded in 2007, has completed four acquisitions since the financial crisis. Level One, which has 14 branches in Michigan, said some of the proceeds could help fund the planned opening of two new offices.
Level One's earnings fell 11% in 2017 from a year earlier, to $9.8 million, after it recorded a $1.3 million expense tied to the recently passed tax reform.
Raymond James is the sole book-running manager. Keefe, Bruyette & Woods and Piper Jaffray are the co-managers.