#United States #Michigan #ChoiceOne #Fentura

ChoiceOne Financial Services Receives Merger Approval

ChoiceOne Financial Services, Inc. (NASDAQ: COFS), known as the parent company of ChoiceOne Bank, recently announced that it has secured the necessary regulatory approval from the Board of Governors of the Federal Reserve System to proceed with its merger with Fentura Financial, Inc. (OTCQX: FETM), the holding company for The State Bank. This merger promises to significantly enhance the banking landscape in Michigan, especially as ChoiceOne continues as the surviving entity.

Kelly Potes, the CEO of ChoiceOne, expressed enthusiasm about the merger, highlighting it as a remarkable opportunity for all stakeholders involved, including customers, communities, employees, and shareholders. He emphasized that the merger aligns with ChoiceOne’s vision of becoming the premier bank in Michigan, stating, "Joining forces with Fentura is a natural geographical and cultural fit for ChoiceOne."

As a result of this merger, ChoiceOne will expand its footprint into several key counties, including Genesee, Jackson, Livingston, Ingham, Saginaw, Shiawassee, and Bay. This strategic move not only enhances the banking services offered to a wider audience but also demonstrates a commitment to local communities, building on the foundational values both institutions share.

The merger, which is slated for completion on March 1, 2025, pending customary closing conditions, will lead to the establishment of a combined organization with approximately $4.3 billion in assets. ChoiceOne, post-merger, is positioned to operate 56 offices throughout West and Southeastern Michigan, significantly amplifying its market presence and service capabilities.

The impact of this merger extends beyond mere numbers; it signals a commitment to enhancing customer service and community involvement. Both ChoiceOne Bank and The State Bank have built reputations centered around their commitment to helping local businesses and fostering community development. This merger is expected to further advance these goals, reinforcing their roles as community pillars.

About ChoiceOne Financial Services, they are headquartered in Sparta, Michigan, with a robust presence in the banking sector. With 35 offices in various counties, ChoiceOne has established itself as the eighth largest bank holding company in Michigan by asset size, boasting approximately $2.6 billion in assets prior to the merger.

ChoiceOne previously made headlines by offering a diverse range of products, including investments and insurance, through its subsidiary, ChoiceOne Insurance Agencies, Inc. The burgeoning company also engages actively in investing in community needs, supporting local events, initiatives, and charitable organizations, fostering goodwill amongst the residents it serves.

On the other hand, Fentura Financial was founded in 1987 and, similarly, holds a commitment to its community through The State Bank, which serves various counties with a portfolio of consumer, mortgage, and commercial banking services. Their dedication to bettering lives and communities through banking initiatives has paralleled that of ChoiceOne.

However, it is essential to consider the forward-looking statements associated with this merger. According to the announcement, there are inherent risks and uncertainties involved which could affect the expected outcomes of this merger. Factors such as closing conditions, market conditions, and potential legal proceedings could influence how smoothly this transaction is executed.

In conclusion, the approval for the merger between ChoiceOne Financial Services and Fentura Financial marks a pivotal step in reshaping the banking services landscape in Michigan. The strategic benefits anticipated from this partnership not only promise improved financial performance but also a stronger focus on community engagement, positioning both companies as leading contributors to Michigan’s economic development.