FENTON, Mich. and ST. CHARLES, Mich., Jan. 06, 2017 (GLOBE NEWSWIRE) -- Fentura Financial, Inc. (OTCQX:FETM), the holding company for The State Bank, announced today it has completed its previously announced acquisition with St. Charles based Community Bancorp, Inc., the holding company for Community State Bank, and will be operating as one company effective December 31, 2016.
“Fentura’s acquisition of Community Bancorp will allow the combined company to promote community banking in a larger market area by expanding The State Bank product line and exceptional customer service reputation into the Community State Bank market,” said Ronald L. Justice, President and CEO of Fentura Financial, Inc. and The State Bank. “We are excited to continue the great work that Community State Bank has done locally as we welcome new customers and clients to The State Bank.”
Approved by both boards of directors on March 24, The State Bank’s acquisition of Community State Bank will grow the company to approximately $680 million in assets, $535 million in loans and $580 million in deposits. The State Bank’s branch offices will double to 16 locations, predominately serving mid-Michigan markets. The transaction will strengthen The State Bank’s foothold as the largest Bank headquartered in Genesee County.
Ronald L. Justice will continue to serve as President and CEO of Fentura Financial, Inc. and The State Bank. John C. Wendling, Community’s President and CEO will serve as an Officer of The State Bank.
“Many exciting new products and services will be extended to these new markets and we look forward to completing the integration of The State Bank and Community State Bank’s systems in the 2nd quarter of 2017,” Justice said.
Both The State Bank and Community State Bank customer relationships will continue business as usual until the system conversion. Customers will be kept informed of account conversions and timing on a regular basis.
About Fentura Financial and The State Bank
Fentura Financial 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 for 2015 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 has assets of approximately $533 million. It currently operates eight full-service branches located in Genesee, Livingston and Oakland Counties and one loan production office in Washtenaw County. 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 all types 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. The aim of The State Bank is to become and remain “Your Financial Partner for Life.” More information can be found at www.thestatebank.com.
Contact: Ronald L. Justice President and CEO The State Bank (810) 714-3902