Level One Bank

What Level One Bank does

Level One Bank is a Michigan-based, for-profit community bank founded in 2007 and headquartered in Farmington Hills. The bank operates as a publicly traded financial institution listed on NASDAQ under ticker LEVL, offering banking products and services to consumers and businesses across Michigan. The firm employs between 101 and 250 people, consistent with a mid-sized regional community bank operating a branch network within the state. Level One Bank's website (levelonebank.com) indicates a traditional retail and commercial banking model serving the Michigan market.

The bank's growth strategy to date has been executed primarily through inorganic expansion. In August 2019, Level One Bank acquired Ann Arbor State Bank for approximately $67.8 million, expanding its Michigan deposit and lending franchise. This was followed in December 2019 by a $30 million capital raise, reinforcing balance sheet capacity to support continued lending growth and further M&A. The bank is led by founder Patrick Fehring, who serves as CEO and co-founder. The combination of public-market status (NASDAQ:LEVL), an M&A-driven consolidation strategy, and a clearly defined Michigan geographic focus positions Level One Bank as a regionally focused consolidator in the fragmented Michigan community banking market.

Level One Bank's revenue model is that of a traditional chartered bank: net interest income from deposits and loans, supplemented by fee income from banking services. As a community bank, its competitive positioning rests on local relationship banking, regulatory protections (FDIC-insured deposits), and physical/digital distribution within Michigan — not on technology differentiation or platform monetization. The bank does not disclose proprietary technology stacks, AI capabilities, APIs, or developer-facing platforms in the available material, consistent with a conventional community bank operating model rather than a fintech-oriented one.

Name

Level One Bank

Legal name

First Merchants Bank

Website

https://levelonebank.com

Company type

Public

Founded year

2007

Operating status

Operating

Headcount range

101–250 employees

Short description

Level One Bank is a Michigan-based community bank founded in 2007 and headquartered in Farmington Hills. Publicly traded on NASDAQ under LEVL, it offers traditional banking products and services to consumers and small businesses across the state.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Commercial Banking (522110)

SIC

State Commercial Banks (6022)

akta.pro primary industry

Small Business Banking (Microbusiness/Sole Proprietor) (FSABAAAI)

Keywords

• Community banking
• Small business lending
• Commercial banking
• Retail banking
• Private wealth services

Headquarters

HQ city

Farmington Hills

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Distribution channels5 records

Marketing channels4 records

Core offering

Level One Bank is a Michigan-based community bank offering personal and small business banking products and services, now operating as part of First Merchants Corporation. The bank provides checking and savings accounts, mortgages, business loans, treasury management, wealth management, and dedicated nonprofit banking services to consumers, small businesses, and commercial clients in Michigan and the broader Midwest region.

Product overview

First Merchants Bank operates as a full-service regional financial institution offering a unified platform of banking products across personal, small business, commercial, and private wealth segments. The core banking infrastructure includes checking and savings accounts, while the product portfolio spans lending (mortgages, home equity, personal loans, vehicle loans, business term loans, SBA lending, and commercial real estate), digital banking (mobile app, online banking, Zelle, mobile deposit, bill pay), treasury management (payables, receivables, lockbox, fraud prevention), and wealth management (investment management, estate planning, private banking, retirement services). The bank recently integrated First Savings Bank following a merger and offers specialized services for nonprofits. Digital access is primarily through the First Merchants Mobile App and Online Banking portals rather than developer APIs.

Differentiator

Problem solved

Functional benefit

Brands

• First Merchants Wealth Management: Wealth management services including investment management, financial and estate planning, private banking, and retirement planning.
• First Merchants Private Wealth
• First Merchants Treasury Management
• First Merchants Mobile App

Products and services

• Personal Banking Comprehensive personal banking services including checking and savings accounts, debit cards, overdraft protection, and deposit products with features like Early Pay and Round Ups for individual consumers in Michigan.
• Small Business Banking Small business checking and savings accounts, online and mobile banking, with dedicated relationship bankers and lending solutions tailored for small business needs.
• Small Business Lending Term loans, lines of credit, SBA lending, and Fix & Flip loans for small business financing needs.
• Commercial Banking Commercial bank accounts, lending, and treasury management services for medium to large businesses including ABL solutions, agricultural lending, commercial real estate, and debt capital markets.
• Treasury Management Cash management services including liquidity management, payables, receivables, and fraud prevention solutions for commercial clients.
• Mortgages & Home Lending Residential mortgage products including purchase mortgages, home equity lending, and 1st Lien HELOC Sweep for homeowners at various credit levels.
• Credit Cards Personal and business credit card products with online account management through My Account Access portal.
• Personal Loans & Vehicle Loans Installment loans for personal needs and vehicle financing for automobiles, boats, and other transportation.
• Private Wealth Comprehensive wealth management for high-net-worth individuals including investment management, estate planning, private banking, and dedicated advisors.
• Retirement Services 401(k) plan administration and retirement planning services for individuals and businesses, including services powered by Vestwell.
• Nonprofit Banking Specialized banking services for nonprofit organizations including dedicated relationship management through Director of Nonprofit Services.
• Mobile & Online Banking Digital banking platform offering mobile app, mobile deposit, personal finance tools, Zelle payments, Card Swap, Direct Deposit Switch, Bill Pay, and estatements.
• Remote Deposit Capture Electronic check deposit service allowing business customers to deposit checks remotely 24/7 via online banking.
• Lockbox Services Commercial receivables management through First Merchants Receivables Portal for processing customer payments.
• Merchant Services Payment processing and merchant services for business clients through My Payments Insider portal.

Quantifiable outcome

• $2.35 Billion in Contributions to Communities
• +2 more outcomes

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Recent moves4 records

Expansion highlights3 records

Direct peers

• Independent Bank (Michigan): Michigan-headquartered community bank serving consumers, small businesses, and commercial clients across the state — the closest geographic and product analogue to Level One Bank.
• Mercantile Bank Corporation: Michigan-based commercial bank offering commercial, retail, and mortgage banking with a community-banking model similar to Level One.
• First Merchants Bank: Indiana-based community bank offering personal, small business, commercial, and wealth banking across the Midwest — directly comparable scale and product mix to Level One.

Broad incumbents

• Huntington Bancshares: Large regional bank with deep Michigan franchise serving consumer, small business, and commercial segments — the most prominent scaled competitor in Level One's home market.
• Fifth Third Bank: National regional bank with substantial Michigan presence, offering commercial banking, treasury management, and wealth services that overlap with Level One's full-service suite.
• Old National Bank: Midwest-focused regional bank serving consumer, commercial, and wealth customers across multiple states, comparable in footprint and product breadth to Level One.

Regional players

• Lake Michigan Credit Union: Largest credit union in Michigan serving consumer and small business members across the state — directly competes for Michigan deposits and consumer lending relationships.
• TFS Financial Corporation: Cleveland-based savings institution with national mortgage lending capabilities, overlapping with Level One's consumer deposit and mortgage offerings.

Market position

Strengths3 records

Weaknesses3 records

Competitive moat3 records

Key risks4 records

Key highlights5 records

Customer concentration

• Xx.com/levelonebank
• Facebookfacebook.com/levelonebnk
• LinkedInlinkedin.com/company/352104

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Level One Bank