Level One Bancorp, a bank holding company, completed the merger with Ann Arbor Bancorp, a banking service provider in Michigan. Under the terms of the agreement, AAB shareholders received $38.50 per share in an all-cash transaction. The aggregate deal value is c. $68m. “We look forward to welcoming Ann Arbor State Bank clients and team members to Level One. Once we complete our planned system conversion on March 23rd, clients will have access to a larger network of banking centers, a wider range of products and services, and the same commitment to personal service and community values they are accustomed to from Ann Arbor State Bank,” Patrick J. Fehring, Level One Bank President and CEO.