ChoiceOne Financial Services, Inc. (“ChoiceOne”), the parent company of ChoiceOne Bank, has entered into a definitive merger agreement to acquire Fentura Financial, Inc., the parent company of The State Bank. The companies will merge in an all-stock transaction. The combination will create the third largest publicly traded banking institution in Michigan with approximately $4.3 billion in consolidated total assets.
In addition, ChoiceOne completed an underwritten public offering of 1,380,000 shares of its common stock at a public offering price of $25.00 for gross proceeds of $34.5 million.
Warner Norcross + Judd LLP served as legal advisor to ChoiceOne in the merger and public offering of common stock. The Warner legal team was led by Charlie Goode, Malaina Snyder and Sarah Harper and included Sean Cook, Brandon Cross, Dennis Donohue, Stephanie Grant, Chad Kleinheksel, Norbert Kugele, Heidi Lyon, Rodney Martin, Cody Mott, Daniel Persinger, Johnny Pinjuv, Christian Rhoades, Justin Stemple and Allyson Terpsma.
To read the full announcement of the merger, click here. To read the full announcement of the public offering of common stock, click here.
About ChoiceOne Financial Services, Inc. and ChoiceOne Bank
ChoiceOne Financial Services, Inc. is a financial holding company headquartered in Sparta, Michigan, and the parent corporation of ChoiceOne Bank, Member FDIC. ChoiceOne Bank operates 35 offices in parts of Kent, Ottawa, Muskegon, Newaygo, Lapeer, St. Clair, Macomb and Oakland counties. ChoiceOne Bank offers insurance and investment products through its subsidiary, ChoiceOne Insurance Agencies, Inc.
About Fentura Financial, Inc. and The State Bank
Fentura Financial, Inc. is the holding company for The State Bank, which is a commercial, retail and trust bank headquartered in Fenton, Michigan. The State Bank currently operates 20 full-service offices and one loan production center serving Bay, Genesee, Ingham, Jackson, Livingston, Oakland, Saginaw and Shiawassee counties, and it provides a full array of consumer, mortgage, SBA, commercial and wealth management banking and advisory services.
About Warner’s Financial Institutions Industry Group
As part of one of the largest and most successful law firms in Michigan, the attorneys in Warner’s Financial Institutions Industry Group counsel banks and bank holding companies through bank formations, mergers and acquisitions, strategic transactions, securities offerings and regulation, commercial lending, consumer credit, negotiable instruments, bank litigation, workouts and bankruptcy, leveraged leasing, antitrust and regulatory compliance.
About Warner’s Mergers and Acquisitions (M&A) Practice Group
Warner’s M&A Practice Group draws upon more than 90 years of experience to successfully and efficiently handle a wide range of M&A transactions for both private and publicly traded businesses, including mergers, acquisitions, divestitures, joint ventures and strategic business combinations of all types.
