FENTON, Mich., Dec. 15, 2016 (GLOBE NEWSWIRE) -- Fentura Financial, Inc. (the “Company” or “Fentura”) (OTCQX:FETM) the holding company for The State Bank, announced it has received the necessary regulatory approvals to consummate its acquisition of Community Bancorp, Inc., the holding company for Community State Bank. Community Bancorp’s shareholders previously approved the transaction. Fentura expects the transaction to close later this month.
Fentura also announced that on December 12, 2016 it closed its previously announced issuance of 1,071,428 shares of Fentura common stock at a price of $14.00 per share, for an aggregate purchase price of approximately $15 million. The shares were acquired by three institutional and two individual purchasers. The proceeds of the offering will be used in part to fund the acquisition of Community Bancorp, Inc., to support Fentura’s continued growth, and for other corporate purposes. The common stock issued to the purchasers will not be registered under the Securities Act of 1933, as amended, or the securities laws of any state, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
Donnelly Penman & Partners, Inc. acted as sole placement agent for the common stock offering. Warner Norcross & Judd LLP acted as counsel to the placement agent. Howard & Howard Attorneys PLLC acted as counsel to Fentura in connection with the offering.
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 over the counter under the FETM trading symbol.