ChoiceOne Financial announces $30M common stock offering

ChoiceOne Financial Services announced 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 $30M. 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. 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.