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FENTON, Mich., Dec. 01, 2021 (GLOBE NEWSWIRE) -- Fentura Financial, Inc. (OTCQX: FETM), the holding company for The State Bank, announced today it has completed its previously announced acquisition of Farmers State Bank of Munith.
“Fentura’s acquisition of Farmers State Bank of Munith will allow the combined company to promote community banking in a larger market area, including Ingham and Jackson counties, by extending The State Bank’s existing product lines and services to Farmers State Bank of Munith’s markets,” said Ronald L. Justice, President and CEO of Fentura Financial, Inc. and The State Bank.
Approved by both Company’s boards of directors in June of this year, The State Bank’s acquisition of Farmers State Bank will grow the company to approximately $1.4 billion in assets, $1.1 billion in loans and $1.2 billion in deposits, and expand The State Bank’s branch offices to 20.
Ronald L. Justice will continue to serve as President and CEO of Fentura Financial, Inc. and The State Bank. Jeanne E. Richter, Farmers President and CFO, will serve as a Senior Officer of The State Bank.
“The acquisition allows us to expand relationships with Farmers State Bank of Munith’s existing clients and to offer new products and services to these markets. We look forward to completing the integration of The State Bank and Farmers State Bank of Munith’s systems in the 1st quarter of 2022,” Justice said. “The belief in community banking and commitment to serving clients and local communities shared by both organizations, strengthens this combination. The resulting enhanced strong core deposit base and new market expansion plans will allow us to improve shareholder value through growth as well.”
Both The State Bank and Farmers State Bank of Munith’s customer transactions will continue to be processed separately until information systems are converted. Customers will be kept informed of account conversions and timing on a regular basis.
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 on that exchange.
The State Bank is a full-service, 5-Star Bauer Financial rated commercial, retail and trust bank headquartered in Fenton, Michigan. It currently operates 20 full-service branches in Genesee, Ingham, Jackson, Livingston, Oakland, Saginaw, and Shiawassee Counties. 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. 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
Aaron D. Wirsing
President & CEO
Chief Financial Officer
Fentura Financial, Inc.
Fentura Financial, Inc.