New Issue: Level One wraps $30 million private placement 4.75% fixed-to-floaters

By Devika Patel

Knoxville, Tenn., Dec. 19 – Level One Bancorp, Inc. said it has completed a $30 million private placement of 4.75% fixed-to-floating rate subordinated notes due Dec. 18, 2029. Performance Trust Capital Partners, LLC was the agent.

Interest accrues at 4.75% per year until Dec. 18, 2024. From Dec. 18, 2024 onwards, the notes will bear interest at a floating rate.

Proceeds will be used for general corporate purposes, including partially funding the pending acquisition of Ann Arbor State Bank.

Based in Farmington Hills, Mich., Level One is the holding company for Level One Bank.

Issuer:	Level One Bancorp, Inc.
Issue:	Fixed-to-floating rate subordinated notes
Amount:	$30 million
Maturity:	Dec. 18, 2029
Coupon:	4.75% until Dec. 18, 2024, then at floating rate
Call feature:	Callable on any interest payment date beginning on Dec. 18, 2024
Agent:	Performance Trust Capital Partners, LLC
Announcement date:	Dec. 19
Distribution:	Private placement

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