Muncie-based First Merchants Corp. (Nasdaq: FRME) has announced a more than $320 million merger agreement with Level One Bancorp Inc. (Nasdaq: LEVL) in Michigan. First Merchants says when the deal is complete, Level One Bank will merge into First Merchants Bank.
Level One operates 16 bank branches in southeast Michigan with total assets of $2.5 billion as of September 30. As a result of the merger, First Merchants will have more than 120 banking offices in Indiana, Michigan, Ohio and Illinois.
“We believe our partnership with First Merchants will provide tremendous benefits to our customers, shareholders and communities as we look forward to continuing the legacy of exceptional customer service, local responsiveness and strong community engagement that has defined Level One Bank since it was founded in 2007,” said Patrick Fehring, chief executive officer of Level One.
The merger will requires approval by Level One shareholders, as well as regulatory approvals and customary closing conditions. Once the deal is complete, First Merchants says Fehring, as well as Level One Chief Human Resources Officer Lani Barrett and Chief Financial Officer David Walker, will retire.
The merger is expected to be complete in the first half of 2022, with the integration set for completion in the third quarter.