Level One Bancorp Announces First Quarterly Preferred Stock Cash Dividend

Rhea-AI Summary

Level One Bancorp, Inc. (Nasdaq: LEVL) has declared a quarterly cash dividend of $47.92 per share on its 7.50% Non-Cumulative Preferred Stock, Series B. Holders of depositary shares will receive $0.4792 per depositary share. This dividend is scheduled to be paid on November 15, 2020, to shareholders of record at the close of business on October 31, 2020. As of June 30, 2020, Level One Bancorp had assets totaling approximately $2.51 billion and operates sixteen banking centers across Southeast and West Michigan.

Positive

• Quarterly cash dividend of $47.92 per share signifies strong financial health.
• Scheduled payment on November 15, 2020, indicates timely financial management.

Negative

• None.

News Market Reaction – LEVL

+2.26%

+2.26% Session move

In the trading session that priced this news, LEVL gained 2.26%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

FARMINGTON HILLS, Mich., Oct. 21, 2020 (GLOBE NEWSWIRE) -- Level One Bancorp, Inc. (“Level One”) (Nasdaq: LEVL) announced that the Board of Directors of Level One declared a quarterly cash dividend of $47.92 per share on its 7.50% Non-Cumulative Preferred Stock, Series B, represented by depositary shares (Nasdaq: LEVLP) each representing a 1/100th interest in a share of the Series B preferred stock. Holders of depositary shares will receive $0.4792 per depositary share. The dividend is payable on November 15, 2020, to shareholders of record at the close of business on October 31, 2020.

Level One Bancorp, Inc. is the holding company for Level One Bank, a full-service commercial and consumer bank headquartered in Michigan with assets of approximately $2.51 billion as of June 30, 2020. The Company operates sixteen banking centers throughout Southeast Michigan and West Michigan.  For more information, visit www.levelonebank.com.

FAQ

What is the dividend amount for Level One Bancorp (LEVL)?

The dividend amount declared is $47.92 per share on the 7.50% Non-Cumulative Preferred Stock, Series B.

When is the dividend payment date for Level One Bancorp (LEVL)?

The dividend is payable on November 15, 2020.

Who qualifies for the Level One Bancorp (LEVL) dividend?

Shareholders of record at the close of business on October 31, 2020, qualify for the dividend.

What are the assets of Level One Bancorp (LEVL)?

Level One Bancorp had approximately $2.51 billion in assets as of June 30, 2020.