Oxford Bank Corporation shareholders approve definitive agreement to merge with Level One Bancorp, Inc.
November 15, 2012In September, the two banks announced plans to merge Oxford Bank operations with Level One Bank, following the unanimous approval of the Boards of Directors of both financial institutions. With today’s approval by Oxford shareholders, the sale is now subject to approval by the Federal Reserve Bank of Chicago, the Michigan Office of Finance and Insurance Regulation and the FDIC, as is customary in such transactions. It is anticipated that this process will be completed by the 1st quarter of 2013. Upon closing, the two institutions will have combined assets of approximately $750 million, including 15 bank branches.
“We greatly appreciate the confidence the shareholders have placed in Level One and our growing relationship with Oxford and the surrounding communities,” said Patrick Fehring, President and CEO of Level One Bank. “We look forward to building upon their nearly 130-year tradition of service while bringing new resources – including residential and mortgage services, business loans and Treasury Management services – to the community.”
“Our shareholders’ show of support demonstrates we are moving in the right direction,” said James Bess, President and CEO of Oxford Bank. “Joining forces with Level One will provide the capital, infrastructure and resources necessary to continue our heritage as a full-service community bank focused on the customers in our backyard.”
Founded in 2007, Level One Bank 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 for Level One include the financial firm of Sterne, Agee & Leach, Inc. and the law firm of Howard & Howard. For Oxford, Austin Associates LLC, served as financial advisors with Shumaker, Loop & Kendrick LLP, 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 $500 million. It currently operates seven full-service banking centers, located throughout Oakland County and the surrounding communities. Level One’s Commercial Division provides a complete menu of products including lines of credit, term loans, 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 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 Oxford Bank
Oxford Bank Corporation is a registered holding company. Its subsidiary, Oxford Bank, is the oldest commercial bank in Oakland County, celebrating its 128th year in 2012. In recent years, the Bank has been voted the Best Bank in Oakland County by the readers of the Oakland Press and earned the 1st Place Readers Choice for Best Bank by the readers of the Oxford Leader and the Lake Orion Review. It operates eight full-service offices in Clarkston, Davison, Dryden, Goodrich, Lake Orion, Oakland Township, Ortonville and Oxford, along with a consumer lending center in Oxford and a commercial banking office in Lake Orion. The Bank has operated continuously under local ownership and management since it first opened for business in 1884. For more information, please visit www.oxfordbank.com.