ChoiceOne Financial Services Shareholders Approve Merger with Fentura Financial – December 12, 2024

ChoiceOne Financial Services, Inc. (NASDAQ: COFS) recently conducted a special meeting of shareholders on December 12, 2024, in Sparta, Michigan, to address pivotal matters concerning its proposed merger with Fentura Financial, Inc. As outlined in the Merger Agreement dated July 25, 2024, Fentura will combine with ChoiceOne, with ChoiceOne emerging as the surviving corporation post-merger.

The shareholder vote, involving several crucial proposals, resulted in significant approval for the merger plans. Proposal 1, which involved endorsing the issuance of ChoiceOne common stock to Fentura shareholders in conjunction with the merger, saw substantial support with 5,823,344 votes in favor, 101,305 against, and 70,654 abstentions.

Similarly, Proposal 2, seeking an amendment to ChoiceOne’s Restated Articles of Incorporation to elevate the number of authorized shares of common stock from 15,000,000 to 30,000,000, received approval with 5,769,823 votes for, 139,514 against, and 85,966 abstentions. Subsequently, the Adjournment Proposal was not deliberated as both Proposals 1 and 2 obtained sufficient votes for passage.

For detailed insights into these propositions, shareholders can refer to the proxy statement submitted by ChoiceOne to the U.S. Securities and Exchange Commission on October 22, 2024.

In a contemporaneous disclosure on December 13, 2024, ChoiceOne released a press statement disclosing the outcomes of the shareholder meeting. The full press release, issued in connection with the special shareholder gathering, is attached as Exhibit 99.1 to the recently filed 8-K report.

ChoiceOne Financial Services and Fentura Financial, Inc. have expressed optimism about the proposed merger, citing potential synergies between the organizations and the enhanced value proposition for stakeholders, including customers and employees. Subject to regulatory approvals and customary closing terms, the combined entity is expected to conclude the transaction by the first quarter of 2025.

The comprehensive filing further outlines the forward-looking statements, indicating potential risks and uncertainties associated with the merger, including regulatory approval delays, failure to meet closing conditions, integration challenges, and legal considerations. Interested parties can access additional details in ChoiceOne’s earlier SEC filings regarding the merger.

For more comprehensive information on the forthcoming merger and associated documents, shareholders are encouraged to consult the Registration Statement and Joint Proxy Statement and Prospectus submitted to the SEC. These materials, along with other pertinent filings, are accessible through the SEC’s website and ChoiceOne’s official Investor Relations section.

The close of the 8-K filing includes necessary financial statements and exhibits, showcasing the formal journey towards the merger between ChoiceOne Financial Services and Fentura Financial, Inc.

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This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read ChoiceOne Financial Services’s 8K filing here.

ChoiceOne Financial Services Company Profile

ChoiceOne Financial Services, Inc operates as the bank holding company for ChoiceOne Bank that provides banking services to corporations, partnerships, and individuals in Michigan. The company offers various deposit products, including time, savings, and demand deposits, safe deposit, and automated transaction machine services.