Banking & Finance

Bank files for IPO

March 23, 2018
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Level One Bank branch
Level One Bank operates 12 branches in Michigan. Photo via fb.com

A Michigan bank with a local presence has submitted a proposal for an initial public offering of its common stock.

Farmington Hills-based Level One Bancorp, the holding company for Level One Bank, filed today a registration with the Securities and Exchange Commission, or SEC, for the proposed IPO.

It is expected to include shares offered by the company and by certain selling shareholders.

Level One has applied to list its common stock on Nasdaq under the ticker symbol LEVL.

The number of shares to be offered and the price range for the proposed offering have not yet been determined.

Since Level One’s registration statement has not yet become effective, the bank said the securities may not be sold, and offers to buy them prior to the time the registration statement becomes effective will not be accepted.

Raymond James & Associates and Keefe, Bruyette & Woods are joint managers in the proposed offering, and Piper Jaffray & Co. is co-manager.

The proposed offering will be made by means of a prospectus.

A copy of the preliminary prospectus may be obtained, when available, from Raymond James & Associates, at 880 Carillon Parkway, St. Petersburg, Florida 33716, or by calling (800) 248-8863.

It will also be available from Keefe, Bruyette & Woods, at 787 Seventh Ave., fourth floor, New York, New York 10019, attention: Equity Capital Markets, or by calling (800) 966-1559.

Level One

Level One Bancorp is the holding company for Level One Bank, a commercial and consumer bank with assets of about $1.3 billion as of Dec. 31, 2017.

The bank operates 11 branches in southeast Michigan and one in West Michigan.

Level One Bank also offers online banking and a mobile banking app.

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