First Merchants Bank Agrees to Acquire Level One Bank for $323.5M

MUNCIE, IND. AND FARMINGTON HILLS, MICH. — Muncie-based First Merchants Corp. (NASDAQ: FRME) and Farmington Hills-based Level One Bancorp Inc. (NASDAQ: LEVL) have signed a definitive merger agreement by which Level One will merge into First Merchants in a stock and cash transaction valued at approximately $323.5 million. The transaction is expected to close in the first half of 2022. The combined company, conducting its banking business as First Merchants Bank, expects to complete its system integration during the third quarter of 2022. First Merchants will have assets of roughly $17.6 billion and will remain the second largest financial holding company headquartered in Indiana. The combined company will operate 122 banking offices across Indiana, Michigan, Ohio and Illinois.