First Merchants Corp. Completes Legal Closing of Level One Bancorp Merger
01 Avril 2022 - 2:00PM
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 Corporation’s common
stock is traded on the NASDAQ Global Select Market System under the
symbol FRME. Quotations are carried in daily newspapers and can be
found on the company’s website (www.firstmerchants.com). FIRST
MERCHANTS and the Shield Logo are federally registered trademarks
of First Merchants Corporation.
Forward-Looking Statements
This release contains forward-looking statements made pursuant
to the safe-harbor provisions of the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements can often, but
not always, be identified by the use of words like “believe”,
“continue”, “pattern”, “estimate”, “project”, “intend”,
“anticipate”, “expect” and similar expressions or future or
conditional verbs such as “will”, would”, “should”, “could”,
“might”, “can”, “may”, or similar expressions. These include
statements of First Merchants’ goals, intentions and expectations
regarding the merger and the expected cost savings, synergies and
other anticipated benefits therefrom, among other matters;
statements regarding the First Merchants’ business plan and growth
strategies; statements regarding the asset quality of First
Merchants’ loan and investment portfolios; and estimates of First
Merchants’ risks and future costs and benefits.
These forward-looking statements are subject to significant
risks, assumptions and uncertainties that may cause results to
differ materially from those set forth in forward-looking
statements, including, among other things: First Merchants’ ability
to achieve the expected cost savings, synergies and other
anticipated benefits from the merger transaction; possible changes
in monetary and fiscal policies, and laws and regulations; the
effects of easing restrictions on participants in the financial
services industry; the cost and other effects of legal and
administrative cases; possible changes in the credit worthiness of
customers and the possible impairment of collectability of loans;
fluctuations in market rates of interest; competitive factors in
the banking industry; changes in the banking legislation or
regulatory requirements of federal and state agencies applicable to
bank holding companies and banks like First Merchants’ affiliate
bank; continued availability of earnings and excess capital
sufficient for the lawful and prudent declaration of dividends;
changes in market, economic, operational, liquidity, credit and
interest rate risks associated with the First Merchants’ business;
and other risks and factors identified in each of First Merchants’
filings with the Securities and Exchange Commission. First
Merchants does not undertake any obligation to update any
forward-looking statement, whether written or oral, relating to the
matters discussed in this press release. In addition, First
Merchants’ past results of operations do not necessarily indicate
its anticipated future results.
For more information, contact:Nicole M. Weaver, Vice President
and Director of Corporate
Administration765-521-7619http://www.firstmerchants.com
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