Business
ChoiceOne Financial Services, Inc. Announces Commencement of Common Stock Offering
SPARTA, Mich., July 25, 2024 /PRNewswire/ -- ChoiceOne Financial Services, Inc. (NASDAQ: COFS) ("ChoiceOne"), the parent company of ChoiceOne Bank, announced
About this update from Choiceone Financial Services, Inc.
[{"type":"text","content":"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\").\n\n \n \n \n \n \n \n\n \nD.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.\nAdditional Information Regarding the OfferingThe 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 [email protected]. \nNo Offer or SolicitationThis 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, sol...