ChoiceOne Financial Services, Inc., (NASDAQ: COFS) (“ChoiceOne”), the parent company of ChoiceOne Bank, and Fentura Financial, Inc. (OTCQX: FETM) (“Fentura”), the parent company of The State Bank, jointly announced that at separate special meetings held on December 12, 2024, each company’s shareholders approved the proposed merger in which Fentura will merge with and into ChoiceOne, with ChoiceOne continuing as the surviving corporation. The combined organization will be headquartered in Sparta, Michigan and will operate under the ChoiceOne name and brand following completion of the transaction.
“We received strong shareholder support for this partnership,” said ChoiceOne CEO Kelly Potes. “The positive shareholder response we received today we believe validates the significant opportunity we see for our collective communities, customers, and employees while adding significant value for the shareholders of our two organizations. With limited overlap and disruption, our combined companies will present efficiencies and new growth opportunities in our expanded network across Michigan.”
“I am very pleased with the votes of confidence we received from our respective shareholders today,” said Fentura CEO and President Ronald Justice. “We believe that this affirms our vision to bring together two robust, growing institutions deeply dedicated to customer service and community engagement. By leveraging our strengths, we look forward to positioning our combined organization as the premier community bank in Michigan.”
Following completion of the transaction, ChoiceOne will be an approximately $4.3 billion-asset bank holding company with 56 offices in West and Southeastern Michigan making it the 3rd largest publicly traded bank holding company headquartered in Michigan based on asset size. The transaction is expected to close in the first quarter of 2025, subject to the receipt of regulatory approvals and the satisfaction of other customary closing conditions.
