On Sept. 13, officals from Oxford Bank announced they have entered into a ‘definitive agreement? under which it will be acquired by the Farmington Hills-based Level One Bank for a $3.47 million.
Locally Oxford Bank has two locations 345 South Ortonville Road, Ortonville and 8125 South State Road, Goodrich. In addition Oxford Bank branch offices include Oakland, Clarkston, Davison, Dryden, Lake Orion and Oxford. The bank was founded in 1884.
‘We’re purchasing the bank and then the operations (will) get merged together,? said Patrick Fehring, president and CEO of Level One Bancorp., Inc. ‘They will be combined into a common system. They will operate under one system and one name.?
Founded in 2007, Level One Bank is a commercial and consumer bank with assets of approximately $500 million. It currently operates seven full-service banking centers throughout southern Oakland County with one in Macomb County.
‘I was one of the cofounders,? said Fehring, who lives in Northville. ‘I think people should feel very comfortable with the fact that we’re a local institution (that’s) highly rated.?
‘I haven’t visited every (office). I’ve visited most of them,? said Fehring, who noted he’s spent some time in the main office in downtown Oxford. ‘It’s obviously very well positioned right in the center of town there.?
Level One has two branches in Farmington Hills, plus locations in Clinton and Bloomfield townships, Northville, Birmingham and Ferndale.
Fehring was uncertain regarding the future of the current locations of Oxford Bank.
‘At this time, we don’t have any firms plans on all of that,? he said. ‘Certainly, Oxford has a great position throughout the metropolitan area there. So, there’s no plans at the present to do anything differently.?
In 2004 Oxford Bank purchased one-acre site on the northeast corner of M-15 (State Road) and Hawes Street (8125 State Road) in the Village of Goodrich. About a year later Oxford Bank opened a 2,800-square foot Goodrich branch with five inside teller windows, two offices, a conference room, three pneumatic drive-