The Board of Directors of Ann Arbor Bancorp, parent company of Ann Arbor State Bank, have signed a definitive merger agreement with Level One Bancorp. Under the terms of the agreement the Ann Arbor Bancorp shareholders will receive $38.50 per share in an all-cash transaction.
Peter Schork, Chief Executive Officer of Ann Arbor State Bank comments: “We are excited about partnering with a high-performing company that shares our values and entrepreneurial community banking culture. We find the business fit of the two organizations to be especially compelling, and we think our customers will benefit from the broader array of products and services and larger lending limit. We are thrilled about being able to do even more in our markets with considerably greater scale.”
From Patrick J. Fehring, President and Chief Executive Officer of Level One Bank: “We are pleased to welcome the customers and team members of Ann Arbor State Bank to the Level One family. This merger aligns with our strategic growth goals and affords us an opportunity to accelerate our expansion in the very attractive Ann Arbor market.”
The transaction is expected to close in the last quarter of 2019 or the first quarter of 2020 and is subject to closing conditions, including customary regulatory approvals and Ann Arbor Bancorp shareholder approval.
Stay tuned to our website and Facebook page for further announcements.