Print Friendly and PDF

Level One Bancorp, Inc. Enters Into Definitive Agreement to Acquire Oxford Bank Corporation

FARMINGTON HILLS, Mich. (September 13, 2012) – Patrick Fehring, President and CEO of Level One Bancorp, Inc. (Level One) and James Bess, President and CEO of Oxford Bank Corporation (Oxford), are pleased to announce today that the companies have entered into a definitive agreement under which Oxford will merge into Level One. In addition, Oxford Bank will merge its operations with Level One Bank, creating one of the largest locally owned, independent community banks in Oakland County.

The Boards of Directors of both financial institutions have unanimously approved the acquisition, which will entail the acquisition of all Oxford stock by Level One. As is customary in transactions of this type, the sale is subject to approval by the shareholders of Oxford, the Federal Reserve Bank of Chicago, the Michigan Office of Finance and Insurance Regulation and the FDIC.  The transaction is also subject to a determination by regulators that after completion of the merger Level One Bank will comply with applicable capital requirements. It is anticipated the acquisition will occur by the 1st quarter of 2013. Upon closing, the two institutions will have combined assets of approximately $750 million, including 15 bank branches.

“We look forward to building upon Oxford Bank’s 128-year history and culture of community engagement while also adding residential and mortgage services, business loans and a wide range of Treasury Management services,” said Patrick Fehring, President and CEO of Level One Bank. “This acquisition is also in keeping with our plan for strategic growth – strengthening Level One’s position as a premier community bank throughout Oakland County and the surrounding communities.”

“We are quite proud of our heritage as a full-service community bank focused on the customers in our back yard,” said James Bess, President and CEO of Oxford Bank. “This combination will provide the capital, infrastructure and resources necessary to continue to build upon the high level of service our customers have come to expect.”

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.

# # #