The State Bank’s branch offices will double to 16 locations, predominately serving mid-Michigan markets.
The transaction will strengthen The State Bank’s foothold as the largest Bank headquartered in Genesee County. Wendling, Community’s President and CEO is expected to serve as a Senior Officer of The State Bank.
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Fentura expects the transaction to be significantly accretive to earnings in year one, and anticipates earn back of the tangible book value dilution in less than three years.
As is typical in transactions of this type, the sale is contingent on approval by the shareholders of Community Bancorp, Inc., the Federal Reserve Bank of Chicago, the Federal Deposit Insurance Corporation, and the Michigan Department of Insurance and Financial Services.
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