FENTON, Mich., Dec. 01, 2021 (GLOBE NEWSWIRE) — Fentura Monetary, Inc. (OTCQX: FETM), the holding firm for The State Financial institution, introduced right this moment it has accomplished its beforehand introduced acquisition of Farmers State Financial institution of Munith.
“Fentura’s acquisition of Farmers State Financial institution of Munith will permit the mixed firm to advertise group banking in a bigger market space, together with Ingham and Jackson counties, by extending The State Financial institution’s current product traces and companies to Farmers State Financial institution of Munith’s markets,” stated Ronald L. Justice, President and CEO of Fentura Monetary, Inc. and The State Financial institution.
Accepted by each Firm’s boards of administrators in June of this yr, The State Financial institution’s acquisition of Farmers State Financial institution will develop the corporate to roughly $1.four billion in property, $1.1 billion in loans and $1.2 billion in deposits, and develop The State Financial institution’s department places of work to 20.
Ronald L. Justice will proceed to function President and CEO of Fentura Monetary, Inc. and The State Financial institution. Jeanne E. Richter, Farmers President and CFO, will function a Senior Officer of The State Financial institution.
“The acquisition permits us to develop relationships with Farmers State Financial institution of Munith’s current shoppers and to supply new services and products to those markets. We stay up for finishing the mixing of The State Financial institution and Farmers State Financial institution of Munith’s programs within the 1st quarter of 2022,” Justice stated. “The idea in group banking and dedication to serving shoppers and native communities shared by each organizations, strengthens this mix. The ensuing enhanced robust core deposit base and new market enlargement plans will permit us to enhance shareholder worth via progress as effectively.”
Each The State Financial institution and Farmers State Financial institution of Munith’s buyer transactions will proceed to be processed individually till data programs are transformed. Clients shall be saved knowledgeable of account conversions and timing frequently.
About Fentura Monetary, Inc. and The State Financial institution
Fentura Monetary, Inc. is the holding firm for The State Financial institution. It was fashioned in 1987 and is traded on the OTCQX alternate beneath the image FETM, and was acknowledged as one of many Prime 50 performing shares on that alternate.
The State Financial institution is a full-service, 5-Star Bauer Monetary rated business, retail and belief financial institution headquartered in Fenton, Michigan. It at the moment operates 20 full-service branches in Genesee, Ingham, Jackson, Livingston, Oakland, Saginaw, and Shiawassee Counties. The State Financial institution’s business division gives an entire array of merchandise together with traces of credit score, time period loans, business mortgages, SBA loans and a full-suite of money administration merchandise. The retail division provides private checking, financial savings, time and IRA deposit accounts and a big selection of mortgage merchandise together with dwelling fairness, auto and private loans. The residential mortgage division provides development, buy and refinance residential mortgage loans. The wealth administration division provides a full-service suite of belief and portfolio administration companies. Extra data may be discovered at www.thestatebank.com or www.fentura.com.
Cautionary Assertion: This press launch comprises sure forward-looking statements that contain dangers and uncertainties. Ahead-looking statements embrace, however should not restricted to, statements regarding future progress in incomes property and internet revenue. Such statements are topic to sure dangers and uncertainties which may trigger precise outcomes to vary materially from these expressed or implied by such forward-looking statements, together with, however not restricted to, financial, aggressive, governmental and technological elements affecting the Firm’s operations, markets, merchandise, companies, rates of interest and charges for companies. Readers are cautioned to not place undue reliance on these forward-looking statements, which communicate solely as of the date of this press launch.
|Contacts:||Ronald L. Justice||Aaron D. Wirsing|
|President & CEO||Chief Monetary Officer|
|Fentura Monetary, Inc.||Fentura Monetary, Inc.|
|[email protected]||[email protected]|