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LEVL - Level One Bancorp: A New 7.50% Preferred Stock IPO From This Small Michigan Bank
Level One Bancorp Inc.
Introduction
After the issuance of the new preferred stock, with its market capitalization of $130M Level One Bancorp, Inc (LEVL) becomes the second-smallest bank to release a preferred security IPO as only AmeriServ Financial (ASRV) with its market cap of $50M is smallest. Also, the new IPO and its issue of 1M preferred shares become one of the tiniest preferred stocks issued by a bank, along with OFG Bancorp's OFG-D (0.96M),
The New Issue
Before we submerge into our brief analysis, here is a link to the 424B5 Filing by Level