Fentura Financial, Inc. has Completed a $15.0 million Offering of Common Stock Through a Private Placement
THE TRANSACTION
On December 15, 2016, Fentura Financial, Inc. (OTCQX:FETM), ("Fentura" or the "Company") announced that on December 12, 2016 it had closed the previously announced issuance of 1,071,428 shares of its 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 pending acquisition of Community Bancorp, Inc. (“CBI”), to support Fentura’s continued growth, and for other corporate purposes.
Separately, the Company also has announced that it has received the necessary regulatory approvals to consummate its acquisition of CBI, the holding company for Community State Bank. Fentura expects the acquisition to close later this month.
Our Client
FENTURA FINANCIAL, INC.
Fentura Financial, Inc. is a bank holding company headquartered in Fenton, Michigan, whose bank subsidiary is The State Bank (“TSB”). TSB is a full-service community bank offering a wide range of banking services to individuals, small business and government entities through its 6 branch locations in Genesee County, 1 branch in Oakland County, and 1 branch in Livingston County. As of September 30, 2016, Fentura had total assets of $500.6 million, gross loans of $413.6 million, total deposits of $418.9 million, and total equity of $35.1 million, prior to completion of this capital offering.
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