Championing the
Entrepreneurial Spirit
2019 Annual Report
Board of Directors
Barbara E. Allushuski
President & CEO
Blue Heron Talent, LLC
Victor L. Ansara
President & CEO
Ansara Restaurant Group, Inc.
James Bellinson
Managing Director
Riverstone Communities
Michael A. Brillati
CEO
Salus Group
Shukri W. David
MD, MBA, FACC, Physician Chair,
Heart & Vascular Center of Excellence
St. John Providence Health System
Ascension Michigan
Thomas A. Fabbri
President & CEO
Aaro Companies
Patrick J. Fehring
President & CEO
Level One Bank
Jacob W. Haas
Owner
Airport Plaza Business Park and
Saline Construction Company
Mark J. Herman
President & COO
ANYI Management Company
Steven H. Rivera
DO, MBA, FACEP
Board of Trustees
Ascension Southeast
Michigan Hospitals,
Physician Advisor
Ascension Providence
Hospitals, Medical Staff
Leadership Ascension
Providence
Stefan Wanczyk
President & CEO
Utica Enterprises, Inc.
Executive Team
From left to right: Lani Barrett, EVP, Chief Human Resources Officer; Gregory A. Wernette, EVP, Chief Lending Officer; David C. Walker, EVP,
Chief Financial Officer; Patrick J. Fehring, Chairman, President and Chief Executive Officer; Eva Scurlock, EVP, Risk Management Officer;
Timothy R. Mackay, EVP, Consumer Banking Officer
Patrick J. Fehring, President & CEO
To Our Shareholders
I am pleased to report 2019 was another successful year of quality growth
and strong financial results for Level One Bancorp, Inc.
Net Income was $16.1 million, an increase of 12% from the previous year.
Fully diluted earnings per share grew 7% to $2.05 while total assets grew
12% to $1.58 billion. Following the expansion of our residential mortgage
team in late 2018, our mortgage activity was enhanced significantly
resulting in an increase of $5.6 million in mortgage banking income year
over year. We achieved solid loan growth of 9% including commercial and
residential mortgage activity, and net charge-offs declined to 0.02% as a
percentage of average loans.
We expanded our footprint and entered new markets through organic
growth and the acquisition of Ann Arbor State Bank. We opened a full-
service banking center in Ann Arbor and broke ground on the construction
of a new banking center in Rochester Hills that is now open. Additionally,
we made improvements to our Birmingham banking center by relocating
to a larger and more modern space to better serve clients and achieve
greater visibility in the community.
We signed a definitive agreement to acquire Ann Arbor State Bank in 2019
and completed the financial transaction on January 2, 2020. Ann Arbor is
an extremely attractive market that aligns well with our growth strategy.
Our combined institution grew to $1.87 billion in assets and 16 banking
centers, including two new offices in Ann Arbor and one in Jackson.
As we look ahead to 2020 and beyond, we remain committed to quality
growth and profitability. We have entered unchartered territory with the
uncertainties surrounding the COVID-19 pandemic. However, as a Bank
that opened in the beginning of the Great Recession, we are poised and
prepared to navigate the economic challenges that may lie ahead.
Thank you for your continued support of Level One Bancorp, Inc.
Sincerely,
Patrick J. Fehring
President & CEO
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2019
Highlights
- We secured a building and began
planning for our first banking
center in Rochester Hills.
- We celebrated the grand re-opening of our
Birmingham banking center after relocating
to a larger space to better serve clients.
- We were honored as Business Development
Lender of the Year by the U.S. Small Business
Administration Michigan District Office.
- We were named to American Banker Magazine’s
list of the Top 200 Community Banks in the
Nation, coming in at #100 on the list.
- We signed a definitive merger agreement to
acquire Ann Arbor State Bank.
- For the 7th consecutive year, we were
recognized as one of Metro Detroit’s Best
and Brightest Companies to Work For.
- We celebrated the grand opening of our
first banking center in Ann Arbor.
- We were recognized as the Community
Builder of the Year by Habitat for Humanity
Oakland County for our commitment to
affordable housing.
When we started Level One Bank
in 2007, our vision was to provide
a better way to bank for families
and businesses in Michigan.
With the sophisticated products
and technology of a larger
institution, and the personal
service and local knowledge
of a community bank, we have
remained true to that vision.
Celebrating the grand re-opening of our Birmingham banking center.
Celebrating the grand opening of our Ann Arbor banking center at the Maple
Village Shopping Center.
Receiving the Community Builder of the Year Award from Habitat
for Humanity Oakland County.
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A Recipe For Success
Level One Bank offers a unique banking proposition that boils down to three key ingredients – we are an
entrepreneurial bank, our clients have direct access to our decision makers, and our team is responsive and
engaged. This is our recipe for success. It is this combination of “3 Uniques” that separate Level One Bank
from the competition and the reason our clients love working with us.
Entrepreneurial Spirit
As a community bank founded just over a
decade ago with investments from a team of
local business leaders and passionate bankers,
we understand firsthand the unique challenges
entrepreneurs face when it comes to managing
finances and growing a business. At the core of
Level One Bank is an entrepreneurial spirit that
drives the way we think, act and innovate. We are
proud of our ability to think outside of the box and
be nimble for our clients, often custom tailoring
solutions for those who were turned away by bigger
banks with a cookie-cutter approach.
Our team is continually searching for better ways to
serve our clients and communities. In 2019, we made
process improvements to reduce response times for
small business and consumer loan applicants and rolled
out an online application platform that makes it easy
to apply for a loan. With our focus on the needs of our
clients, we also worked to significantly reduce the
amount of time it takes to open a new checking
account at a banking center.
Accessible Decision Makers
While technology continues to evolve and be an
important part of the client experience, we will never
lose sight of the importance of human connection.
Relationships are the cornerstone of our Bank and
a critical component of our core values. We offer
a unique experience at Level One Bank because
we connect with our clients on a personal level
and provide direct access to decision makers — a
stark contrast to the experience at larger financial
institutions. When you call Level One Bank, you
speak to a real person who lives and works in the local
community. When you come into a banking center, the
team greets you by name. When you apply for a loan,
the decision is made here in Michigan by people who
understand your local market. Even at the leadership
level, our executive team and board of directors are all
local entrepreneurs who are passionate about helping
local families and businesses succeed.
Responsive And Engaged Team Members
We continue to grow organically and through
acquisitions, including opening a full-service
banking center in Ann Arbor in October 2019,
acquiring Ann Arbor State Bank in January
2020, and opening a full-service banking
center in Rochester in March 2020. As we
expand our team, we remain focused on hiring,
retaining, and developing team members who
are not only talented but good core value fits.
We have a passionate team that is driven to do
what’s best for the client. They are empowered
to make decisions quickly and have the liberty
to be creative when it comes to problem
solving, resulting in a better client experience.
We are regularly investing time and resources
into the development of our team. In 2019, we
focused efforts on team member engagement
and collaborated on ways to make Level One Bank
an even better place to work. We find engaged
team members to be happier, more productive,
and better equipped to provide exceptional client
service. Following a series of surveys and action
planning committees, we made several process
improvements to make work more efficient and less
cumbersome for team members and clients alike.
Supporting local businesses during a Level One Cash Mob event.
An aerial view of our Ann Arbor mortgage loan center across the street
from The Big House.
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From Our Clients
eVN Inc.
Peter Stevenson, CEO
When eVN needed a bank to help fund its growth needs, Peter Stevenson, CEO of eVN,
shopped most of the big banks in the area with no success. Their rigid requirements
and unwillingness to understand the needs of his business led Peter to give Level One
Bank a try.
“Right away, Level One Bank understood my needs. They understood the
entrepreneurial side of my business and my growth goals,” said Peter.
Peter meets with his banker regularly to review business plans and discuss the needs
of the business. He appreciates how proactive Level One Bank is when it comes to
offering solutions and looking for ways to better support the business as it grows.
“Level One Bank has literally been a partner for us. It is much more than a bank
providing a service. They are an essential part of our financial team,” he explained.
eVN is a technology company that provides dynamic CGI (computer-generated
imagery) for the automotive industry that drives sales, reduces costs and increases
profitability. Focused on enabling high quality, ‘VIN Specific’ content to power online
digital retailing, eVN provides previously unheard of emotive, personalized content
throughout the sales, service and re-sale lifecycle of the vehicle.
Learn more at www.evnusa.com.
CS Partners
Maria Dockins, Managing Partner
Maria Dockins, Managing Partner at CS Partners, joined Level One
Bank through the acquisition of Ann Arbor State Bank. As a long-
time client of Ann Arbor State Bank, Maria is excited about what
Level One Bank brings to the table.
“We like the idea of working with a larger community
bank,” explains Maria. “We have access to more
resources and tools to support our business.”
As a company that continues to focus on growth and expansion, CS
Partners will benefit from higher lending limits and a wider variety of
treasury management products offered at Level One Bank.
While bank integrations can be challenging, Maria has been pleased with the process so far. “The implementation team at Level
One has been fabulous,” said Maria. “They have been very responsive. The customer service has been great.”
CS Partners is an Educational Service Provider (ESP) that offers a variety of administrative and operational management
services to charter schools in Michigan. By working alongside school staff, CS Partners provides a range of support services
based on the needs of the school, such as payroll, human resources, financial services, compliance, school performance and
more. Visit www.charterschoolpartners.com to learn more.
Victory Lane Quick Oil Change
Justin and Lauren Cialella, Co-Owners
Justin and Lauren Cialella, Co-owners of Victory Lane Quick Oil Change,
had spread their business accounts across multiple banks and were
looking to consolidate with one bank. When choosing their bank, it was
all about relationship.
Level One Bank took the time to understand their business.
“We met with several senior executives who were so willing to get
involved. That doesn’t happen at big banks,” Lauren explained.
“And they are still involved today.”
In addition to the relationship, Justin was impressed with Level One Bank’s knowledge and solutions-oriented approach. “Level One
understands small business in a way that big banks can’t unless you fit inside a certain box,” Justin explained. “We have dealt with a lot
of banks, both big and small. Our business banker at Level One was by far the best we have ever encountered.”
Victory Lane Quick Oil Change is one of the oldest quick lube franchises in the industry. The company was founded in 1980 in Ann
Arbor, Michigan and is well recognized for its distinctive checkered flag branding. With 40+ locations, Victory Lane Quick Oil Change is
rapidly growing in select US and Canadian markets. To learn more about Victory Lane Quick Oil Change, visit www.VictoryLane.net.
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Community Involvement
4
We continued to serve and make a positive impact in our communities in 2019. Through financial support, volunteerism, financial
literacy, grant programs and more, Level One Bank team members are passionate about giving back. We donated nearly $200,000 to
local non-profit organizations, leveraged over $300,000 in homeownership grants to our neighbors in need, and dedicated over 1,400
hours of community service.
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Our team members also facilitated 100 financial literacy classes in 2019, with topics ranging from budgeting and credit building
with first-time homebuyers to entrepreneurship with local small businesses. We are enthusiastic about sharing our financial
knowledge and expertise to help our neighbors achieve their financial goals.
We developed a new partnership with Avalon Housing, an Ann Arbor based non-profit that provides affordable housing and other
supportive services to formerly homeless individuals in Washtenaw County. In addition to financial support, we are proud to display
artwork made by Avalon Housing residents at our Ann Arbor banking center to help raise awareness for their mission.
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Our relationship with Habitat for Humanity continues to
evolve and expand with the growth of the Bank. In addition to
originating mortgage loans for Habitat and offering low-cost
loan programs and grant opportunities for their clients, we offer
financial support to multiple Habitat partners. For example,
Level One Bank donated $25,000 to Macomb County Habitat for
Humanity to pay for damages caused by vandalism at two of
their houses in 2019.
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Every quarter our team members mentor students
at Cornerstone Schools in Detroit. We are able to
build relationships with students through working
on projects, reading, and experimenting. Each
visit is centered around different themes such as
communication, character development, career
and life pathways, entrepreneurship, and exploring
different cultures.
1. Making fleece blankets to deliver to children at local hospitals with the charity Fleece and Thank You.
2. Avalon Housing artists with their work on display at our Ann Arbor banking center.
3. Putting the finishing touches on a Habitat for Humanity home.
4. Wearing pink in support of Breast Cancer Awareness.
5. Mentoring a classroom of children with Cornerstone Schools Partner Morning program.
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CONSOLIDATED BALANCE SHEETS
December 31, 2019 and 2018
(Dollars in thousands, except share data)
CONSOLIDATED STATEMENTS OF
CHANGES IN SHAREHOLDERS’ EQUITY
2019
2018
Years ended December 31, 2019, 2018 and 2017
(Dollars in thousands)
BALANCE AT JANUARY 1, 2017
Net income
Other comprehensive loss
Exercise of stock options (57,506 shares)
Stock based compensation, net of tax impact
DECEMBER 31, 2017
Net income
Other comprehensive loss (excluding tax reform adjustment)
Reclass of tax reform adjustments due to early adoption of ASU 2018-02
Initial public offering of 1,150,765 shares of
common stock, net of issuance costs
Common stock dividends declared ($0.12 per share)
Exercise of stock options (127,494 shares)
Stock-based compensation expense, net of tax impact
DECEMBER 31, 2018
Net income
Other comprehensive income
Redeemed stock (90,816 shares)
Common stock dividends declared ($0.16 per share)
Exercise of stock options (21,550 shares)
Stock based compensation, net of tax impact
Common
Stock
$58,306
—
—
605
600
$59,511
—
—
—
29,030
—
1,279
801
$90,621
—
—
(2,165)
—
219
670
Accumulated Other
Comprehensive
Income (Loss)
Total
Shareholders’
Equity
Retained
Earnings
$ 39,391
9,841
—
—
—
$49,232
14,386
—
168
—
(895)
—
—
$62,891
16,111
—
—
(1,236)
—
—
$(1,126)
—
343
—
—
$ (783)
—
(801)
(168)
—
—
—
—
$(1,752)
—
5,344
—
—
—
—
$ 96,571
9,841
343
605
600
$ 107,960
14,386
(801)
—
29,030
(895)
1,279
801
$151,760
16,111
5,344
(2,165)
(1,236)
219
670
DECEMBER 31, 2019
$89,345
$77,766
$ 3,592
$170,703
ASSETS
Cash and cash equivalents
Securities available-for-sale
Federal Home Loan Bank stock
Mortgage loans held for sale, at fair value
Loans:
Originated loans
Acquired loans
Total loans
Less: Allowance for loan losses
Net loans
Premises and equipment, net
Goodwill
Other intangible assets, net
Bank-owned life insurance
Income tax benefit
Other assets
Total assets
LIABILITIES
Deposits:
Noninterest-bearing demand deposits
Interest-bearing demand deposits
Money market and savings deposits
Time deposits
Total deposits
Borrowings
Subordinated notes
Other liabilities
Total liabilities
Shareholders’ equity
Common stock, no par value per share:
Authorized—20,000,000 shares
Issued and outstanding—7,715,491 shares at 12/31/2019 and 7,750,216 shares at 12/31/2018
Retained earnings
Accumulated other comprehensive income (loss), net of tax
Total shareholders’ equity
Total liabilities and shareholders’ equity
$
103,930
180,905
11,475
13,889
1,158,138
69,471
1,227,609
(12,674)
1,214,935
13,838
9,387
376
12,167
1,217
22,780
$
33,296
204,258
8,325
5,595
1,041,898
84,667
1,126,565
(11,566)
1,114,999
13,242
9,387
447
11,866
2,467
12,333
$ 1,584,899
$ 1,416,215
$
325,885
$
309,384
62,586
313,885
433,072
52,804
287,575
484,872
1,135,428
1,134,635
212,225
44,440
22,103
99,574
14,891
15,355
1,414,196
1,264,455
89,345
77,766
3,592
170,703
$ 1,584,899
90,621
62,891
(1,752)
151,760
$ 1,416,215
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CONSOLIDATED STATEMENTS OF INCOME
Years ended December 31, 2019, 2018 and 2017
(In thousands, except per share data)
Interest income
Originated loans, including fees
$56,956
$49,076
$ 39,812
Acquired loans, including fees
6,375
9,186
12,231
2019
2018
2017
Securities:
Taxable
Tax-exempt
Federal funds sold and other
3,509
2,939
1,746
2,305
1,303
1,657
966
955
863
Total interest income
70,448
63,824
55,607
Interest Expense
Deposits
Borrowed funds
Subordinated notes
Total interest expense
Net interest income
Provision for loan losses
Net interest income after
provision for loan losses
Noninterest income
16,941
11,055
6,267
1,378
1,074
19,393
51,055
1,383
1,330
797
1,015
1,014
13,400
8,078
50,424
47,529
412
1,416
49,672
50,012
46,113
Service charges on deposits
Net gain (loss) on sales of securities
Mortgage banking activities
Net gain (loss) on sale of commercial loans
Other charges and fees
2,547
1,174
7,880
(45)
2,655
2,556
2,543
(71)
208
11
146
2,229
1,907
Total noninterest income
14,211
7,055
6,502
Noninterest expense
Salary and employee benefits
28,775
25,781
21,555
Occupancy and equipment expense
Professional service fees
Acquisition and due diligence fees
Marketing expense
Data processing expense
Printing and supplies expense
Other expense
Total noninterest expense
Income before income taxes
Income tax provision
Net income
Per common share data:
4,939
1,808
539
1,107
2,374
340
4,487
4,425
4,208
1,672
2,314
—
1,033
—
930
2,146
1,912
441
477
4,180
4,655
44,369
19,514
3,403
39,678
36,051
17,389
16,564
3,003
6,723
$16,111
$14,386
$ 9,841
Basic earnings per common share
Diluted earnings per common share
Cash dividends declared per common share
$2.08
$2.05
0.16
$1.95
$1.91
0.12
$
$
1.54
1.49
—
Weighted average common shares outstanding—basic
7,655
7,377
6,388
Weighted average common shares outstanding—diluted
7,770
7,524
6,610
5%
4%
3%
2%
1%
0%
4%
3%
2%
1%
0%
2014
2015
2016
2017
2018
2019
2014
2015
2016
2017
2018
2019
18000
16000
14000
12000
10000
8000
6000
4000
2000
0
1.60%
1.40%
1.20%
1.00%
0.80%
0.60%
0.40%
0.20%
0.00%
2014
2015
2016
2017
2018
2019
2014
2015
2016
2017
2018
2019
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years ended December 31, 2019, 2018 and 2017 (Dollars in thousands)
($ Million)
Total Assets
Organic growth drove
an increase in assets
of 12% during 2019.
Total Loans
Total loans grew 9%
in 2019, accounting for
77.5% of total assets.
Net Charge Offs
/Average Assets
Credit quality remains
excellent with a .02%
loss rate in 2019.
1600
1400
1200
1000
800
600
400
200
0
2014
2015
2016
2017
2018
2019
($ Million)
1400
1200
1000
800
600
400
200
0
0.30%
0.20%
0.10%
0.00%
-0.10%
-0.20%
2014
2015
2016
2017
2018
2019
2014
2015
2016
2017
2018
2019
Net Interest
Margin
The Company’s loans are its
main revenue engine, and
the cost of funds increased
more than the loan yield
increased, resulting in the
Company’s net interest
margin falling to 3.60%.
Noninterest Expense
/Average Assets
Offsetting net interest
revenue is noninterest
expense (e.g., salaries,
occupancy, data
processing, etc.) and in
2019, this ratio remained
consistent.
Net
Income
Net income was strong
at $16.1 million in 2019.
Return on
Average Assets
Finally, the Company’s
net income as percent of
average assets was 1.08%
in 2019.
Cash flows from operating activities
Net income
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation of fixed assets
Amortization of core deposit intangibles
Stock-based compensation expense
Provision expense for loan losses
Net securities premium amortization
Net (gain) loss on sales of securities
Originations of loans held for sale
Proceeds from sales of loans
Net gain on sales of loans
Accretion on acquired purchase credit impaired loans
Gain on sale of other real estate
owned and repossessed assets
Increase in cash surrender value of life insurance,
net of 1035 exchange charge
Amortization of debt issuance costs
Excess tax benefits
Net (increase) decrease in accrued
interest receivable and other assets
Net increase in accrued interest
payable and other liabilities
Net cash provided by operating activities
Cash flows from investing activities
Net increase in loans
Principal payments on securities available-for-sale
Purchases of securities available-for-sale
Purchases of Bank Owned Life Insurance
Purchases of FHLB Stock
Additions to premises and equipment
Proceeds from:
Sale of securities available-for-sale
Sale of other real estate owned and repossessed assets
Net cash used in investing activities
Cash flows from financing activities
Net increase in deposits
Change in short-term borrowings
Issuances of long-term FHLB advances
Repayment of long-term FHLB advances
Net proceeds from issuance of subordinated debt
Change in secured borrowing
Net proceeds from issuance of common
stock related to initial public offering
Share buyback - redeemed stock
Common stock dividends paid
Proceeds from exercised stock options
Payments related to tax-withholding for
share based compensation awards
Net cash provided by financing activities
Net change in cash and cash equivalents
Beginning cash and cash equivalents
Ending cash and cash equivalents
2019
2018
2017
$ 16,111 $
14,386
$
9,841
1,323
146
713
1,383
1,735
(1,174)
(272,714)
270,363
(7,835)
(2,313)
1,332
220
815
412
1,327
71
(90,361)
91,091
(2,341)
(3,794)
1,369
234
613
1,416
871
(208)
(64,184)
69,753
(1,844)
(5,340)
-
(44)
(237)
(301)
62
18
(324)
47
108
(328)
58
27
(9,544)
382
(1,546)
6,151
4,124
4,810
18,137
1,667
12,162
(97,660)
16,521
(56,810)
-
(3,150)
(2,019)
(88,069)
9,368
(68,694)
-
(22)
(1,159)
69,846
-
(73,272)
3,625
822
(144,129)
793
(32,278)
145,000
-
29,487
(71)
14,253
61,810
-
(10,000)
-
(69)
-
(2,165)
(1,160)
219
29,030
-
(662)
1,279
(75,780)
8,850
(74,225)
-
(2,475)
(913)
14,803
885
(128,855)
195,458
(31,820)
-
(4,506)
-
1,514
-
-
-
605
(43)
139,782
70,634
33,296
$ 103,930 $
(14)
95,627
(30,365)
63,661
33,296
(13)
161,238
44,545
19,116
63,661
$
Supplemental disclosure of cash flow information:
Interest paid
Taxes paid
Transfer from loans held for sale
to loans held for investment
Transfer from loans to other real estate owned
Transfer from premises and equipment to other assets
$ 19,493 $
2,916
12,634
2,120
$
7,427
4,625
2,186
921
-
544
108
18
1,587
385
1,793
2,330
1,698
($ Thousand)
13
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Corporate Office
32991 Hamilton Court
Farmington Hills, MI 48334
248-737-0300
Banking Center Locations
Ann Arbor
195 North Maple Road
Ann Arbor, MI 48103
734-794-5225
3930 South State Street
Ann Arbor, MI 48108
734-418-9995
125 West William Street
Ann Arbor, MI 48104
734-761-1475
Birmingham
1712 West Maple Road
Birmingham, MI 48009
248-723-4800
Bloomfield
6450 Telegraph Road
Bloomfield Hills, MI 48301
248-406-8905
37100 Woodward Avenue
Bloomfield Hills, MI 48304
248-530-7401
Detroit
1420 Washington Boulevard
Detroit, MI 48226
313-309-9980
Farmington Hills
30095 Northwestern Highway
Farmington Hills, MI 48334
248-865-1300
Novi
44350 West 12 Mile Road
Novi, MI 48377
248-735-1000
Rochester
1880 South Rochester Road
Rochester Hills, MI 48307
248-710-3700
Sterling Heights
43683 Schoenherr Road
Sterling Heights, MI 48313
586-412-1800
Mortgage Loan Centers
Ann Arbor
1328 South Main Street
Ann Arbor, MI 48104
734-213-1515
30201 Orchard Lake Road
Farmington Hills, MI 48334
248-737-1110
Ferndale
22635 Woodward Avenue
Ferndale, MI 48220
248-414-6500
Grand Rapids
2355 Burton Street SE
Grand Rapids, MI 49506
616-827-4400
Jackson
611 North Wisner
Jackson, MI 49202
517-917-0908
Northville
20550 Haggerty Road
Northville, MI 48167
248-380-6590
Member FDIC
888-880-5663 | contact@levelonebank.com
www.LevelOneBank.com
This report contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect management’s current views of
future events and operations. These forward-looking statements are based on the information currently available to the Company as of the date of this release. It is important
to note that these forward-looking statements are not guarantees of future performance and involve risk and uncertainties, including, but not limited to, the ability of the
Company to implement its strategy and expand its lending operations, changes in interest rates and other general economic, business and political conditions, including
changes in the financial markets, as well as other risks described in the Company's filings with the Securities and Exchange Commission. The Company does not undertake any
obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.