FARMINGTON HILLS, Mich., Dec. 10, 2010 /PRNewswire/ -- Farmington Hills, Mich.-based Level One Bank announces the acquisition of substantially all deposits and assets of Paramount Bank, also headquartered in Farmington Hills, Mich., from the Federal Deposit Insurance Corporation (FDIC) as Receiver following its closure on December 10, 2010. The FDIC selected Level One Bank after a competitive bidding process to complete a whole bank purchase of Paramount Bank.
All former Paramount Bank offices will open for business December 13, 2010 under normal banking hours as branches of Level One Bank. Paramount Bank customers will automatically become Level One Bank customers and will have uninterrupted access to their funds, all of which will continue to be insured by the FDIC to the FDIC's limits, with no loss of depositor money.
Level One Bank is locally owned and operated in Southeast Michigan and is governed by a Board of Directors that consists of active, engaged local businesspeople and professionals. Founded in 2007, this is Level One Bank's second acquisition in the past two years. With this latest acquisition, the bank now operates 6 banking centers and has total assets which exceed $400 million. "As a bank that was founded to contribute to the success of our local community, we welcome Paramount Bank customers to the Level One family," said Patrick J. Fehring, President and CEO of Level One Bank. "We have taken important steps to ensure that this will be a smooth and enjoyable experience for all of our new customers. We know that Paramount Bank customers will continue to enjoy the benefits of a relationship with a locally owned community bank."
"Our mission is to champion the entrepreneurial spirit by delivering financial solutions driven by unparalleled service," added Fehring.
Paramount Bank customers are asked to continue using their familiar branches until all systems are integrated. Paramount Bank locations that will be operating as Level One branches as of Monday, December 13, 2010 are:
- 31000 Northwestern Highway, Farmington Hills
- 1732 West Maple Road, Birmingham
- 39600 Garfield, Clinton Township
- 22635 Woodward Avenue, Ferndale
Customers who have questions about today's transaction can call the FDIC toll-free at (800) 881-7816. The phone number will be operational this evening until 9:00 pm; on Saturday, December 11, from 9:00 am to 6:00 pm; on Sunday, December 12, from noon until 6:00 pm; and thereafter from 8:00 am to 8:00 pm. Interested parties can also visit the FDIC's website at www.fdic.gov/bank/individual/failed/banklist.html
Level One Bank is a full-service, commercial and consumer bank committed to exceeding customer expectations at every point of contact and continues to take banking to a higher level with the most qualified and enthusiastic bankers in the market and the technology and infrastructure to make banking easier and more convenient. Level One Bank's Commercial Division provides a complete menu of products including lines of credit, term loans, commercial mortgages, SBA loans and a full suite of Treasury Management Services. The Consumer Division offers personal savings and checking accounts including free checking and competitive interest-bearing accounts such as Money Markets, IRAs, and CDs. The bank also provides a complete array of consumer loan products including first mortgages, home equity, personal lines, auto, recreational vehicles and credit card services.
More information about Level One Bank is available at www.levelonebank.com.
SOURCE Level One Bank