Banking & Finance

Bank nets $28.9M from IPO

April 25, 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 closed its initial public offering with net proceeds of $28.9 million.

Farmington Hills-based Level One Bancorp (Nasdaq: LEVL), the holding company of Level One Bank, has completed its IPO that opened last Friday, selling 1,150,765 shares at $28 per share.

The total includes 180,000 shares to the IPO’s underwriters, who had the option to purchase additional shares.

The IPO resulted in net proceeds to Level One — after deducting underwriting discounts and commissions and estimated offering expenses — of $28.9 million, as the bank expected.

“Our story has been one of quality growth since our inception," said Patrick Fehring, CEO, Level One Bank. "The additional capital will continue to support that strategy. We plan to use the net proceeds from this offering for general corporate purposes, including to increase capital levels to support further organic growth.”

Fehring said Level One plans to open two new banking centers in 2019 and 2020 in undisclosed locations — and will consider funding future acquisitions, although none have been initiated yet.

The selling shareholders sold an additional 229,235 shares of common stock in the offering at the IPO price. Level One did not receive any proceeds from the sale of shares of common stock by the selling shareholders in the offering. 

Raymond James & Associates and Keefe, Bruyette & Woods were joint managers for the IPO, and Piper Jaffray & Co. was co-manager.

A copy of the final prospectus related to the offering may be obtained by contacting Raymond James & Associates — at 880 Carillon Parkway, St. Petersburg, Florida 33716 — or by calling (800)-248-8863.

It is also 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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