Small Michigan Banker Level One Bancorp to Sell New Preferred

Level One Bancorp (LEVL) will be selling a new issue of fixed rate, non-cumulative preferred stock.

Level One is a relatively small Michigan banker with assets of just $2.5 billion.

Shares will be unrated by the large national ratings agencies, but are rated BB+ by Kroll Bond Rating Agency.

The preliminary prospectus can be read here.

Eugene was right on top of this one

5 thoughts on “Small Michigan Banker Level One Bancorp to Sell New Preferred”

      1. Tim this bank is even tinier than you think. That 2.5 billion in assets includes their PPP loans from second quarter, and a bank acquisition. In other words the bank is really was a $1.5 billion bank at beginning of year.
        We recorded significant balance sheet growth in the second quarter of 2020 as a result of the Paycheck Protection Program, which we refer to as the “PPP,” although much of it is expected to be temporary. Total assets were $2.54 billion at June 30, 2020, an increase of $956.8 million, or 60.37%, from $1.58 billion at December 31, 2019, and up $1.04 billion, or 68.84%, from $1.51 billion at June 30, 2019. The increase in total assets from December 31, 2019 was due to $399.0 million of PPP loans originated in the second quarter of 2020, the acquisition of Ann Arbor State Bank on January 2, 2020, which contributed $325.3 million of growth in total assets, and an increase of $260.2 million in cash and cash equivalents resulting from funding under the Paycheck Protection Program Liquidity Facility, which we refer to as the “PPPLF,” to facilitate PPP lending. The increase in total assets year over year was primarily attributable to the same factors.

        1. Grid–noticed the big jump in assets, but didn’t look hard as I have no interest at all. Seems they can’t even get this priced–still waiting on pricing.

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