ChoiceOne Financial To Merge With Fentura Financial In All-stock Deal

(RTTNews) - ChoiceOne Financial Services, Inc. (COFS) announced on Thursday that it has agreed to merge with Fentura Financial, Inc. (FETM) in an all-stock deal worth $180.4 million.

According to the merger agreement, each share of Fentura common stock, that is outstanding prior to the merger will be exchanged for 1.35 shares of ChoiceOne common stock. The transaction values Fentura common stock at $40.18 per share, based on ChoiceOne's closing stock price of $29.76 on July 24, 2024.

Once finalized, this merger is expected to establish the third largest publicly traded bank in Michigan, with around $4.3 billion in total consolidated assets and 56 locations across Western, Central, and Southeastern Michigan.

The transaction is anticipated to close in the first quarter of 2025.