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.
The 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.
D.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.
The 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
prospectusrequest@dadco.com.
This 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
prospectus relating thereto.
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 ChoiceOne'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.