FENTON, Mich., March 2, 2015 (GLOBE NEWSWIRE) -- The Board of Directors of Fentura Financial, Inc. (OTCQX:FETM) today announced that it has authorized the repurchase of up to $500,000 of Fentura's common stock from time to time on the open market or in privately negotiated transactions.
In connection with the repurchase program, Ronald L. Justice, Fentura's President and CEO, stated, "Our management team and Board of Directors have a strong conviction in our long-term growth prospects and our ability to generate profits and cash flow. We believe that stock repurchases demonstrate our commitment to building shareholder value as well as confidence in achieving long-term growth."
The timing and the amount of any repurchases of common stock will be determined by Fentura's management based on its evaluation of market conditions and other factors. The repurchase program may be suspended or discontinued at any time. The repurchase program will be funded using Fentura's existing working capital.
As of March 2, 2015, Fentura had approximately 2,507,180 shares of common stock outstanding.
Fentura Financial, Inc. is a bank holding company headquartered in Fenton, Michigan. Its subsidiary bank, The State Bank, is also headquartered in Fenton with offices serving Fenton, Linden, Holly, Grand Blanc and Brighton. The Bank offers comprehensive financial services including commercial, consumer, mortgage, trust and financial planning services, and deposit products. The Bank proudly provides services from its community offices in Genesee, Oakland and Livingston Counties and through on-line and mobile banking services. More information about The State Bank is available at www.thestatebank.com. Fentura Financial, Inc. shares are traded on the OTCQX marketplace under the FETM trading symbol.