On November 26, 2018, Fentura Financial, Inc. (OTCQX:FETM) (“Fentura”), the holding company for The State Bank, announced 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.
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.
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.