FENTON, Mich., Nov. 26, 2018 (GLOBE NEWSWIRE) -- Fentura Financial, Inc. (OTCQX:FETM) (“Fentura”), the holding company for The State Bank, announced today that it has completed the final closing of the issuance of 980,828 shares at $22.00 per share for a total of $21.6 million to accredited investors on its previously announced private placement. Donnelly Penman & Partners, Inc. acted as the sole placement agent for the common stock offering. The law firm of Howard & Howard Attorneys PLLC represented Fentura in the offering and the law firm of Warner Norcross + Judd, LLP represented Donnelly Penman & Partners.
President & CEO, Ronald Justice, commented “Despite receiving offers that would have brought the gross offering to more than $25 million, our board elected to proceed with what they believed was an appropriate allocation to institutional and local investors. We are very pleased with the results of the capital offering. We appreciate the support from our existing shareholders and welcome our new shareholders.”
As previously announced, Fentura anticipates using the net proceeds from this offering to invest in The State Bank to allow for continued organic growth, opportunistic strategic growth, support regulatory capital ratios, and other general corporate purposes.
About Fentura Financial, Inc. and The State Bank
Fentura Financial, Inc. is the holding company for The State Bank. It was formed in 1987 and is traded on the OTCQX exchange under the symbol FETM, and was recognized as one of the Top 50 performing stocks in 2016 on that exchange.
The State Bank is a full-service, 4-Star Bauer Financial rated commercial, retail and trust bank headquartered in Fenton, Michigan. It currently operates 15 full-service branches in Genesee, Livingston, Oakland, Saginaw, and Shiawassee Counties and a loan production office in Saginaw County. The State Bank was ranked #41 by S&P Global in terms of 2017 performance for banks under $1 billion in assets. The State Bank’s commercial department provides a complete array of products including lines of credit, term loans, commercial mortgages, SBA loans and a full-suite of cash management products. The retail department offers personal checking, savings, time and IRA deposit accounts and a wide array of loan products including home equity, auto and personal loans. The residential loan department offers construction, purchase and refinance residential mortgage loans. The wealth management department offers a full-service suite of trust and portfolio management services. The aim of The State Bank is to become and remain “Your Financial Partner for Life.” More information can be found at www.thestatebank.com or www.fentura.com.
CAUTIONARY STATEMENT: This press release contains certain forward-looking statements that involve risks and uncertainties. Forward-looking statements include, but are not limited to, statements concerning future growth in earning assets and net income. Such statements are subject to certain risks and uncertainties which could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including, but not limited to, economic, competitive, governmental and technological factors affecting the Company's operations, markets, products, services, interest rates and fees for services. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release
Ronald L. Justice
President & CEO
Fentura Financial, Inc.
Aaron D. Wirsing
Chief Financial Officer
Fentura Financial, Inc.