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ChoiceOne Financial Services, Inc. Announces Closing of $34.5 Million Offering of Common Stock
SPARTA, Mich., July 26, 2024 /PRNewswire/ -- ChoiceOne Financial Services, Inc. (NASDAQ: COFS) ("ChoiceOne"), the parent company of ChoiceOne Bank, today
About this update from Choiceone Financial Services, Inc.
[{"type":"text","content":"SPARTA, Mich., July 26, 2024 /PRNewswire/ -- ChoiceOne Financial Services, Inc. (NASDAQ: COFS) (\"ChoiceOne\"), the parent company of ChoiceOne Bank, today announced the closing of its underwritten public offering of 1,380,000 shares of its common stock at a price to the public of $25.00 per share, including 180,000 shares of common stock sold pursuant to the underwriter's option to purchase additional shares to cover over-allotments, which was exercised in full.\n\n \n \n \n \n \n \n\n \nThe aggregate gross proceeds of the offering were approximately $34.5 million before deducting underwriting discounts and estimated offering expenses. 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.\nD.A. Davison & Co. is acting as sole book-running manager for the offering. Warner Norcross + Judd LLP served as legal counsel to ChoiceOne. The underwriter was represented by Hunton Andrews Kurth LLP. \nThe offering was made only by means of an effective shelf registration statement on Form S-3 (File No. 333-272337) filed with the U.S. Securities and Exchange Commission (the \"SEC\"). A final prospectus supplement and accompanying prospectus relating to the offering have been filed with the SEC. You may get these documents for free by visiting EDGAR on the SEC's website at www.sec.gov. Additionally, copies may be obtained by contacting D.A. Davidson & Co. by telephone at 1-800-322-5915 or by e-mail at [email protected].\nThis press release is for informational purposes only and 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. The shares of common stock issued by ChoiceOne in the offering will not be insured by the Federal Deposit Insurance Corporation or any other governmental agency nor have they been approved or disapproved by any regulatory authority, nor has any such authority passed upon the accuracy or adequacy of the prospectus supplement or the shelf registration statement or prospec...