On March 23, 2016, the boards of directors of Fentura and Community announced the execution of a definitive agreement by which Fentura will acquire Community in an all-cash transaction. On December 31, 2016, Fentura completed its acquisition of Community. Shareholders of Community received cash consideration of $21.6 million in aggregate, or approximately $68.75 per share. Fentura expects the transaction to be significantly accretive to earnings in year one, and anticipates earn back of the tangible book value dilution in less than three years.
As of December 31, 2016, following completion of the transaction the combined organization had approximately $703 million in assets, $521 million in loans and $604 million in deposits. TSB’s branch offices have doubled to 16 locations, predominately serving mid-Michigan markets.
FENTURA FINANCIAL, INC.
Fentura Financial, Inc. (OTCQX:FETM), (“Fentura”) 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.
COMMUNITY BANCORP, INC.
Community Bancorp (“Community”) is a bank holding company headquartered in St. Charles, Michigan, whose bank subsidiary is Community State Bank. Community maintains 5 branches and 1 LPO in Saginaw County, 1 branch in Genesee County, and 1 branch in Shiawassee County.