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Level One Bancorp, Inc. 7.50% Dep Shares Non-Cumulative Preferred Stock Series B
Ticker Symbol: LEVLP     CUSIP: 52730F203     Exchange: NGS
Security Type:   Traditional Preferred Stock

QUANTUMONLINE.COM SECURITY DESCRIPTION:  Level One Bancorp, Inc. 7.50% Depositary Shares each representing a 1/100 interest in a share of the 7.50% Non-Cumulative Perpetual Preferred Stock, Series B, liquidation preference $25 per Depositary share, redeemable at the issuer's option on or after 08/15/2025 at $25 per Depositary share plus declared and unpaid dividends, and with no stated maturity.

Non-cumulative distributions of 7.50% per annum ($1.875 per annum or $0.46875 per quarter) will be paid quarterly on 2/15, 5/15, 8/15 & 11/15 to holders of record on the record date fixed by the board, not more than 30 days or less than 15 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). The dividends are non-cumulative and if the board of directors does not declare a dividend or the company fails to pay a dividend declared by the board for any quarterly dividend period, the holder will not be entitled to receive any dividend for that quarterly period and the undeclared or unpaid dividend will not accumulate. Dividends paid by this preferred security are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page S-33 of the prospectus for further information).

This security was not rated by Moody’s or S&P at the time of its IPO. This security was rated as BB+ by Kroll Bond Rating Agency, Inc. at the date of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
Stock
Exchange
Cpn Rate
Ann Amt
LiqPref
CallPrice
Call Date
Matur Date
Moodys/S&P
Dated
Distribution Dates 15%
Tax Rate
NGS
Chart
7.50%
$1.875
$25.00
$25.00
8/15/2025
None
NR NR
8/24/2020
2/15, 5/15, 8/15 & 11/15
Click for MW ExDiv Date
Click for Yahoo ExDiv Date
YES

Go to Parent Company's Record (LEVL)

IPO - 8/4/2020 - 1.00 Million Shares @ $25/share.    Link to IPO Prospectus
Market Value $25.0 Million
Click for current LEVLP price quote from the NASDAQ

Company's Online Information Links
HOME PAGE:     https://www.levelonebank.com/
Company's Investor Relations Information Go to Investor Relations Information
Company's Online News Releases Go to News Releases
Online Company Profile Go to Online Profile

Company's Online SEC EDGAR Filings
Company's SEC EDGAR Filings Go to SEC Filings

Company's Email Address Links
Email Contact Form on Website Go to Email Form

Address and Phone Numbers
Address:   32991 Hamilton Court, Farmington Hills, MI 48334
Main Phone Number 248-737-0300
Fax Number Not Available
Investor Contact (VP Finance)   Peter Root 248-538-2186
CEO - Patrick J. Fehring Jr. CFO - David C. Walker

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Latest Update: 3/31/2021