SPARTA,
Mich., July 25, 2024 /PRNewswire/ -- ChoiceOne
Financial Services, Inc. (NASDAQ: COFS) ("ChoiceOne"), the parent
company of ChoiceOne Bank, announced today that it has commenced an
underwritten public offering of shares of its common stock.
ChoiceOne also expects to grant the underwriter a 30-day option to
purchase up to an additional 15% of the shares of its common stock
sold in the offering. The offering is expected to raise an amount
equal to at least $30.0 million. The
proceeds from the offering will qualify as tangible common equity
and Tier 1 common equity. ChoiceOne intends to use the net proceeds
of this offering for general corporate purposes including
supplementing regulatory capital ratios and in conjunction with its
announced merger with Fentura Financial, Inc. ("Fentura").
D.A. Davidson & Co. is serving as the sole underwriter for
the transaction and is represented by Hunton Andrews Kurth LLP.
Warner Norcross + Judd LLP, is
serving as legal counsel to ChoiceOne.
Additional Information Regarding the Offering
The
offering of common stock is being made pursuant to a shelf
registration statement (File No. 333-272337) that was filed with
the Securities and Exchange Commission ("SEC") on Form S-3. A
preliminary prospectus supplement has been filed with the SEC to
which this communication relates. A final prospectus supplement and
accompanying prospectus will be filed with the SEC. Before
considering an investment, prospective investors should read the
final prospectus supplement and the accompanying prospectus in the
registration statement and other documents ChoiceOne has filed with
the SEC for more complete information about ChoiceOne and the
offering because they contain important information. Copies of
these documents are available at no charge by visiting the SEC's
website at www.sec.gov. When available, copies of the final
prospectus supplement and the accompanying prospectus related to
the offering may be obtained by contacting: D.A. Davidson & Co.
by telephone at 1-800-322-5915 or by e-mail at
prospectusrequest@dadco.com.
No Offer or Solicitation
This press release does not
constitute an offer to sell, a solicitation of an offer to sell, or
the solicitation of an offer to buy any securities. There will be
no sale of securities in any jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such
jurisdiction.
About ChoiceOne
ChoiceOne Financial Services, Inc. is
a financial holding company headquartered in Sparta, Michigan, and the parent corporation
of ChoiceOne Bank. Member FDIC. ChoiceOne Bank operates 35 offices
in parts of Kent, Ottawa, Muskegon, Newaygo, Lapeer, St.
Clair, Macomb, and
Oakland counties. ChoiceOne is an
approximately $2.6 billion-asset bank
holding company making it the eighth largest bank holding company
in Michigan based on asset size.
ChoiceOne Bank offers insurance and investment products through its
subsidiary, ChoiceOne Insurance Agencies, Inc. ChoiceOne Financial
Services, Inc. common stock is quoted on the Nasdaq Capital Market
under the symbol "COFS." For more information, please visit
Investor Relations at ChoiceOne's website choiceone.bank.
Forward-Looking Statements
This press release may
contain forward-looking statements within the meaning of the
federal securities laws relating to the registered follow-on
offering of common stock by ChoiceOne. Words such as "anticipates,"
"believes," "estimates," "expects," "forecasts," "intends," "is
likely," "plans," "predicts," "projects," "may," "could," "look
forward," "continue," "future" and variations of such words and
similar expressions are intended to identify such forward looking
statements. These statements reflect current beliefs as to the
expected outcomes of future events and are not guarantees of future
performance. These statements involve certain risks, uncertainties
and assumptions ("risk factors") that are difficult to predict with
regard to timing, extent, likelihood and degree of occurrence.
Therefore, actual results and outcomes may materially differ from
what may be expressed, implied or forecasted in such
forward-looking statements. Furthermore, ChoiceOne undertakes no
obligation to update, amend, or clarify forward-looking statements,
whether as a result of new information, future events, or
otherwise.
A discussion of certain risks and uncertainties affecting
ChoiceOne, and some of the factors that could cause ChoiceOne's
actual results to differ materially from those described in the
forward-looking statements, can be found in the sections entitled
"Risk Factors" and "Risks Related to the Company's Business" in
ChoiceOne's Annual Report on Form 10-K for the year ended
December 31, 2023 and other current
and periodic reports, which have been, or will be, filed with the
Securities and Exchange Commission (the "SEC") and are, or will be,
available on the SEC's website (www.sec.gov).
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SOURCE ChoiceOne Financial Services, Inc.