Muncie-based First Merchants Corp. has closed its merger deal with Michigan-based Level One Bancorp.
The combination received regulatory approval in March. Level One Bank will merge into First Merchants Bank.
Level One, which was founded in 2007, operated 17 locations in Michigan. The bank had total assets of of $2.52 billion, total loans of $1.65 billion, and total deposits of $2.04 billion as of Dec. 31.
“Like First Merchants, Level One achieved a solid reputation for a deep-rooted commitment to community banking, and we are excited they have chosen to become the newest member of the First Merchants family,” said First Merchants CEO, Mark Hardwick. “The LEVL franchise helps us to contiguously extend our presence in Michigan, leveraging the vision of First Merchants to enhance the financial wellness of the diverse communities we serve.”
The deal was first announced in November.
Patrick Fehring, CEO of Level One, said the merger will provide additional benefits to the bank’s customers and shareholders.
“First Merchants is the perfect partner to continue our legacy of service excellence,” he said.
First Merchants will have assets of about $18 billion and will remain maintain its Indiana headquarters. The combined company will do business as First Merchants Bank and should complete system integration by the fall.
With the addition of the Level One locations, First Merchants will have 126 banking offices across Indiana, Michigan, Ohio and Illinois. First Merchants has 18 locations in Northwest Indiana and Northeast Illinois, including a commercial lending center in South Bend.