ChoiceOne and Fentura Financial Merger Approved by Shareholders

Recent Merger Between ChoiceOne and Fentura Financial

In a significant development in the financial services sector, shareholders of both ChoiceOne Financial Services, Inc. and Fentura Financial, Inc. have collectively approved their proposed merger. Following special meetings conducted on December 12, 2024, the decision marks an important step forward for these two institutions. The merger will lead to Fentura merging into ChoiceOne, allowing the latter to continue as the surviving entity. This strategic move comes as both companies look to enhance their presence and operational efficiency in the Michigan market.

ChoiceOne, which is already a notable player in the banking sector with a robust asset base, will solidify its position as a financial powerhouse post-merger. The combined organization is projected to manage approximately $4.3 billion in assets, with 56 banking offices spread across various counties in West and Southeastern Michigan. This merger is expected to not only increase efficiency but also provide new growth opportunities, reinforcing the banks' commitment to their clients and communities.

The leaders of both companies expressed optimism about the merger. Kelly Potes, CEO of ChoiceOne, commented on the strong support from shareholders, emphasizing that this merger validates the substantial opportunities that lie ahead for their clients and employees. By minimizing overlaps and potential disruptions, both institutions are aiming to build an effective network that caters effectively to the banking requirements of their extended customer base.

Ronald Justice, CEO of Fentura Financial, reflected similar sentiments. He described the positive shareholder vote as a testament to the vision of creating an enhanced banking experience that puts customer service and community involvement at the forefront. With the merger, both companies look to harness their combined strengths to secure a leading position in Michigan’s community banking landscape.

With regulatory approvals still necessary, the merger is expected to finalize in the first quarter of 2025, contingent on satisfying typical closing conditions. The anticipation surrounding this merger suggests a transformative period for both ChoiceOne and Fentura Financial; the new entity promises better products, services, and community outreach.

About ChoiceOne Financial Services
Based in Sparta, Michigan, ChoiceOne Financial is the parent company of ChoiceOne Bank, which operates 35 offices across multiple counties in the region. With assets totaling approximately $2.6 billion, it ranks as one of the top bank holding companies in Michigan by asset size. Besides banking services, ChoiceOne also offers products through its insurance subsidiary.

About Fentura Financial
Founded in 1987 and headquartered in Fenton, Michigan, Fentura Financial serves its customers through The State Bank. Currently, it operates 21 branches in several counties, providing a full range of banking services while also engaging in extensive community support initiatives.

This merger undoubtedly signals a noteworthy shift in the Michigan banking landscape, potentially setting a precedent for future consolidations in the sector, driven by a need for improved efficiency and customer service. Stakeholders across the industry are closely monitoring this development, eager to see how the new combined entity will shape the future of banking in Michigan.