SPARTA,
Mich., July 25, 2024 /PRNewswire/ -- ChoiceOne
Financial Services, Inc. (NASDAQ: COFS) ("ChoiceOne"), the parent
company of ChoiceOne Bank, announced today the pricing of an
underwritten public offering of 1,200,000 shares of its common
stock at a price to the public of $25.00 per share, for gross proceeds of
approximately $30.0 million. The net
proceeds to ChoiceOne, after deducting the underwriting discounts
but before deducting the estimated offering expenses payable by
ChoiceOne, are expected to be approximately $28.2 million. ChoiceOne has granted the
underwriter a 30-day option to purchase up to an additional 180,000
shares of Company common stock to cover over-allotments at the
public offering price, less the underwriting discount.
D.A. Davison & Co. is acting as sole book-running manager
for the offering.
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.
ChoiceOne expects to close the offering, subject to customary
conditions, on or about July 26,
2024.
Additional Information Regarding the Offering
A shelf registration statement, including a prospectus (File No.
333-272337), with respect to the offering was previously filed by
ChoiceOne with the U.S. Securities and Exchange Commission (the
"SEC") and was declared effective by the SEC on June 20, 2023. A preliminary prospectus
supplement relating to and describing the terms of the offering was
filed and is available on the SEC's website at www.sec.gov and
ChoiceOne will file a final prospectus supplement relating and
describing the terms of the offering. 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 relating to these
securities may be obtained free of charge by visiting the SEC's
website at www.sec.gov, or 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 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. No offer of securities shall be made except by
means of a prospectus meeting the requirement of Section 10 of the
Securities Act of 1933, as amended (the "Securities Act").
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).
View original content to download
multimedia:https://www.prnewswire.com/news-releases/choiceone-financial-services-inc-announces-pricing-of-common-stock-offering-302206588.html
SOURCE ChoiceOne Financial Services, Inc.