ChoiceOne Financial Services, Inc. and Fentura Financial, Inc. Complete Merger

Rhea-AI Summary

ChoiceOne Financial Services (NASDAQ: COFS) has completed its merger with Fentura Financial effective March 1, 2025. The combined organization emerges as a significant bank holding company with over $4 billion in assets and 56 offices across Michigan.

The merged entity will be headquartered in Sparta, Michigan, with The State Bank's consolidation into ChoiceOne Bank scheduled for March 14, 2025. The consolidated bank will operate under the ChoiceOne name and brand, expanding its community bank franchise into Central and Southeastern Michigan.

The merger enhances ChoiceOne's commercial and consumer lending capabilities while advancing technological offerings. The combined organization aims to provide an extensive range of products and services through an enhanced retail network, including digital and branch banking solutions.

Positive

• Assets exceed $4 billion post-merger
• Expanded presence with 56 offices across Michigan
• Enhanced commercial and consumer lending capacity
• Geographic expansion into Central and Southeast Michigan
• Improved technological capabilities

Negative

• None.

SPARTA, Mich. and FENTON, Mich., March 3, 2025 /PRNewswire/ -- ChoiceOne Financial Services, Inc., (NASDAQ: COFS) ("ChoiceOne"), today announced the completion of the merger of Fentura Financial, Inc. (OTCQX: FETM) ("Fentura") with and into ChoiceOne, effective as of March 1, 2025. The combined organization is a bank holding company with assets exceeding $4 billion and operates 56 offices across Michigan.

"We are excited to welcome Fentura into our ChoiceOne family," said ChoiceOne CEO Kelly Potes. "Our acquisition of Fentura is a natural geographical and cultural fit for ChoiceOne and allows us to expand our community bank franchise further into Central and Southeastern Michigan.  Our combined company offers greater range and capacity for commercial and consumer lending as well as leading advancements in technology. We believe ChoiceOne offers substantial opportunity for our collective communities, customers, and employees while adding significant value for our shareholders. ChoiceOne will offer small businesses and consumers in West, Central and Southeast Michigan an extensive line of products and services delivered through an enhanced retail network including digital and branch banking."

The combined organization will be headquartered in Sparta, Michigan.  The consolidation of The State Bank with and into ChoiceOne Bank is expected to be effective on March 14, 2025 and the consolidated bank will operate under the ChoiceOne name and brand.

About ChoiceOne
ChoiceOne Financial Services, Inc. is a financial holding company headquartered in Sparta, Michigan and the parent corporation of ChoiceOne Bank and The State Bank. Members FDIC. Collectively, ChoiceOne Bank and The State Bank operate 56 offices in parts of Kent, Ottawa, Muskegon, Newaygo, Lapeer, St. Clair, Macomb, Genesee, Jackson, Livingston, Ingham, Saginaw, Shiawassee, and Bay counties. ChoiceOne Bank and The State Bank offer insurance and investment products through ChoiceOne Bank's subsidiary, ChoiceOne Insurance Agencies, Inc. ChoiceOne Financial Services, Inc. common stock is quoted on the Nasdaq Capital Market under the symbol "COFS." For more information, please visit Investor Relations at ChoiceOne's website at choiceone.bank.

Forward-Looking Statements

This press release contains forward-looking statements.  Words such as "anticipates," "believes," "estimates," "expects," "forecasts," "intends," "is likely," "plans," "predicts," "projects," "may," "could," "look forward," "continue", "future" and variations of such words and similar expressions are intended to identify such forward-looking statements.  These statements reflect current beliefs as to the expected outcomes of future events and are not guarantees of future performance.  These statements involve certain risks, uncertainties and assumptions ("risk factors") that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence.  Therefore, actual results and outcomes may materially differ from what may be expressed, implied or forecasted in such forward-looking statements.  Furthermore, ChoiceOne does not undertake any obligation to update, amend, or clarify forward-looking statements, whether as a result of new information, future events, or otherwise. Risk factors include, but are not limited to, the risk factors described in Item 1A in ChoiceOne's Annual Report on Form 10-K for the year ended December 31, 2023, and in any of ChoiceOne's subsequent SEC filings, which are available on the SEC's website, www.sec.gov.

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SOURCE ChoiceOne Financial Services, Inc.

FAQ

What is the total asset value of the merged ChoiceOne (COFS) and Fentura Financial entity?

The combined organization has assets exceeding $4 billion.

How many branch offices will ChoiceOne (COFS) operate after the Fentura merger?

The merged entity will operate 56 offices across Michigan.

When will The State Bank consolidation with ChoiceOne Bank be completed?

The consolidation is expected to be effective on March 14, 2025.

What regions will ChoiceOne (COFS) serve after the Fentura merger?

ChoiceOne will serve West, Central, and Southeast Michigan regions.

Where will the headquarters of the merged ChoiceOne (COFS) and Fentura organization be located?

The combined organization will be headquartered in Sparta, Michigan.