Quarterlytics / Financial Services / Banks - Regional / Fentura Financial, Inc.

Fentura Financial, Inc.

fetm · OTC Financial Services
Claim this profile
Ticker fetm
Exchange OTC
Sector Financial Services
Industry Banks - Regional
Employees 1-10
← All annual reports
FY2022 Annual Report · Fentura Financial, Inc.
Sign in to download
Loading PDF…
2 0 2 2   A N N U A L   R E P O R T

B U I L D I N G   U P O N

BETTER

Dear Shareholders:

I am proud to report another year of strong 
profitability, record loan growth, and robust asset 
quality, despite a complex operating environment 
characterized by rising interest rates, slowing residential 
mortgage demand, and growing economic uncertainty.  
Our performance in 2022 also reflects the December 
2021 acquisition of Farmers State Bank of Munith (FSB), 
which added approximately $105 million in assets and 
expanded Fentura’s presence in Munith, Stockbridge, 
and Grass Lake, Michigan. Overall, Fentura’s 2022 
financial and operating results are encouraging and 
demonstrate the success of the strategies we are 
pursuing to grow our Bank by creating sustained value 
for our employees, customers, and shareholders.  

Fentura experienced robust growth in 2022 as total 
assets increased by $271.1 million, or 19.1% to a 
record of $1.7 billion.  Net interest income increased 
18.7% to an annual record of $52.5 million as a result 
of asset growth and a nine basis-point increase in our 
net interest margin. Our larger scale, the benefits of the 
FSB acquisition, and a continuous focus on operating 
efficiencies helped partially offset a significant reduction 
in noninterest income, after historically high residential 
mortgage demand in 2020 and 2021. In fact, despite a 
$4.2 million, or 29.8% year-over-year decline in annual 
noninterest income, net income was down by $1.6 
million, or 9.9% and we ended the year with net income 
of $14.9 million, or $3.38 per share. We also ended 2022 
with record total shareholders’ equity of $126.1 million. 

As an independent community bank, we were founded to 
serve the needs of our neighbors and friends, and since 
1898 we have remained committed to establishing 
a foundation of trust within our communities. Our 
community banking values drive our success as we look 
to partner with our customers by providing local financial 
solutions that answer every customer’s individual 
needs. As a result, we continue to focus on growing our 
footprint and during 2022, we began promoting The 
State Bank’s products and services across the three 
locations associated with the FSB acquisition. In 2022, 
we also opened a new loan production office in Bay City, 
which is our first location in Bay County, Michigan.  

It is also vital that we stay attuned to the needs and 
aspirations of our customers. That is why we have 
invested in technology and innovation to provide our 
customers with more convenient and efficient banking 
solutions. During the first quarter of 2022, we 
implemented a new, modern digital banking platform.  

Key enhancements of the platform to retail customers 
included money management and aggregation solutions, 
authorized user status, smartwatch integration, and 
advanced credit score monitoring. Several additional 
updates are planned for 2023 including the ability to send 
personal wire transfers. Our business and commercial 
customers now have enhanced security functionality 
including user management and authentication tools.  

Our longstanding approach to create solutions for our 
customers that allow them to overcome barriers and 
reach their financial goals helped us grow gross loans by 
$336.1 million, or 30.6% to a record $1.4 billion.   

As The State Bank 
celebrates its  
125th anniversary,
I am proud of the 
strong position  
of our Bank.  

Growth was led by commercial and residential loan 
demand. Importantly, asset quality remains excellent, 
even as loans increased significantly during 2022. 
At December 31, 2022, we had no accruing loans 
past due 90 days or more and total nonperforming 
assets were 0.15% of total assets, compared to 
0.17% at December 31, 2021. While we continue 
to see strong demand for loans, in 2023 we are 
focused on maintaining robust asset quality, 
controlling expenses and driving profitability.  

for Credit Counseling, the National Diversity Council, 
and has served local organizations including the United 
Way of Washtenaw County. Debra is the Chief Operating 
Officer of Neighborhood Service Organization, a 
comprehensive community-based integrated health and 
human services organization headquartered in Detroit 
and is also the President of Williams Collaborative, a 
consultancy company that provides customized strategy, 
talent, and culture solutions. As you can see, Mark, 
Kristen, and Debra align with the vision and mission of 
our organization by bringing tremendous professional 
experience and community involvement to Fentura. I 
look forward to their contributions to the Bank.  

Finally, we remain committed to returning capital 
back to shareholders and during 2022 we increased 
our dividend by 12.5%, representing the fifth 
consecutive year we have increased our annual 
dividend. In January 2023, we increased our regular 
quarterly dividend by an additional 11.1% to $0.10 
per share. We also invested $2.4 million during 2022 
to repurchase 86,461 shares of our common stock.   

Our 2022 results demonstrate a compelling legacy of 
strong operating and financial performance as we work 
hard to support our mission, vision, and core values. I 
am proud of our recent performance and excited for 
the future as we remain focused on supporting our 
communities and creating value for our shareholders.  

As always, thank you for your continued support.

Warmly,

Ronald L. Justice 

President and CEO

The rapid increase in interest rates has caused growing 
competition for deposits and The State Bank, like 
many financial institutions, experienced significant 
pressure to attract and retain deposits. Despite these 
trends, deposits at December 31, 2022 increased year-
over-year by 8.5% to $1.3 billion, driven primarily by 
growth in interest-bearing accounts.  As we look to 
2023, we have a number of strategic initiatives in place 
to continue growing deposits in our core markets. We 
are also focused on maintaining a flexible capital 
structure to support growth. At December 31, 
2022, we had total liquidity sources of $334.5 million 
and total investment securities of $125.0 million.  

As The State Bank celebrates its 125th anniversary 
in 2023, I am proud of the strong position of our Bank.  
According to the FDIC’s June 2022 Deposit Market 
Share report, The State Bank was the 22nd largest 
bank in the state of Michigan and one of the largest 
independent Michigan-based community banks in 
the state. Our Bank was also named to the American 
Banker’s Top 200 Publicly Traded Banks for the fifth 
consecutive year, as we continually produce strong 
returns.  Additionally, the Bank was named the 2022 
#1 Michigan-Based Community Bank SBA Lender by 
the Small Business Administration, which reflects our 
commitment to support local small businesses and 
represents the third consecutive year we have assumed 
the top spot. To celebrate our 125th anniversary 
and recent accomplishments, The State Bank will be 
hosting events across our markets throughout 2023.  

The Company understands the importance of strong 
corporate governance, and we continue to proactively 
work with our advisors to identify potential governance 
enhancements that we may implement in the future. 
In addition, refreshing our Board with experienced 
individuals that reflect the diverse makeup and 
values of our local communities is an important 
initiative. As a result, Fentura Financial and The State 
Bank appointed three new directors in August 2022 
including Mark Bole, Kristen Holt, and Debra Williams.  

Mark is the Global Chief Administrative Officer and 
President of International Operations for GM Financial 
and has been involved in Junior Achievement of 
Southeastern Michigan and Cass Community Social 
Services.  Kristen is the President and Chief Executive 
Officer of GreenPath Financial Wellness, the nation’s 
largest national financial wellness company, and 
currently serves on the board of the National Foundation 

PRESIDENT & CEO 
REPORT

1

Building Upon             
 BETTER

2022 was a year to build upon our commitment to families, 

businesses, communities, and our shareholders. Our customers 

deserve the best of everything from their bank and for the past 

year, we have focused on just that. We offered our customers 

the best of innovative financial tools, financial education, 

access to experts in home-buying, business lending, planning 

for retirement, and making the most of their money. We dug 

deep into our communities to give back and get involved. Our 

employees made great commitments to serve inside our lobbies 

and outside in the areas where they both live and work.

Our shareholders deserve the best of our efforts as well. This year 

we were once again able to increase book value per share to $28.40.

As a bank, our vision is to be a community bank known 

for helping our customers look past obstacles or limiting 

perspectives to see what’s possible. Our passion for service and 

sophistication is unique in our space and truly provides us the 

opportunity to build upon the best in community banking.

BUILDING UPON 
BETTER

2

A BETTER STATE
OF DIGITAL BANKING
In January 2022 we introduced our retail and business 

customers to the best-in-class online and mobile 

banking tools. Through a partnership with NCR, the 

world’s leading provider of digital services for banks, we 

launched a new suite of innovative tools so our customers 

can better monitor and manage their finances through 

their computer or smartphone. Features like account 

aggregation, credit monitoring and simulation, and 

money management tools ensure our customers can 

budget, plan, track, and save. Innovation like digital 

receipt storage and smartwatch banking are tools 

of convenience so we can make lives easier and allow 

customers to connect when and where they want to.

A BETTER SUPPORT
FOR FINANCIAL WELLNESS

In 2022, 60 percent of American workers indicated a 

concern for their household’s financial wellness, being 

less prepared for unexpected financial events, and 

increasingly stressed about their financial future 

(Employee Benefits Research Institute, 2022). To 

serve our customers in every way possible, we began 

a partnership with GreenPath Financial Wellness to 

provide comprehensive financial counseling, financial 

education, and money management tools to our 

customers. Through this partnership, our customers 

have access to free, one-on-one financial counseling, 

pre-purchase housing counseling, housing delinquency/

foreclosure prevention counseling, credit report 

reviews, debt management planning, and more. As 

our customers improve their financial well-being, we 

provide products and services to help them achieve 

their financial goals and reach a better state.

BETTER 
INNOVATION & 
FINANCIAL WELLNESS

3

BETTER 
NUMBERS

GROWING
CORE DEPOSITS

GROWING
COMMUNITY

4,018

Retail Accounts Opened in 2022

104.6

MILLION
Increase in Total Deposits

72.5

MILLION
in Kasasa Accounts

GROWING
HOME OWNERSHIP

650

New Mortgage and Refinance Loans

MILLION218.2

New Mortgage and Refinance Loans

524,110

In 2022 community donations 
and sponsorships

50,050

fundraising effort in 2022 through the 
Change for Kids Program. Since the program’s 
inception, $307,568  has been donated.

31,790

donated to the Food Bank of 
Eastern Michigan in 2022

4

GROWING
LOCAL BUSINESS

GROWING
WEALTH

BETTER 
NUMBERS

#1 Michigan-Based  
Community Bank 
SBA Lender*

FOR THREE YEARS IN A ROW!

*Based on number and dollar amount of SBA 
loans approved during the fiscal years ending 
9/30/20,  9/30/21 and 9/30/22.

MILLION57.7

New Small Business Administration Loans
Title Gov’t Guaranteed/Supported Loans

This includes SBA 7a, Express, 504 
and USDA Guaranteed Loans

391.5

MILLION
New Commercial Loans

PUBLIC FUNDS
MANAGEMENT

30.7

MILLION
Increase in Public Funds

15

INCREASE
Wealth Management  
& Trust Services Revenue

51.9

MILLION
New Wealth Management & Trust Services 
Assets Under Management in 2022

GROWING
INNOVATION

11,354

Average Monthly ITM Transactions

Serving customers seven days a week with 
Connect! ITMs throughout our markets

5

BETTER 
FINANCIAL 
PARTNERSHIPS

6

HERE TO GUIDE YOU

“We have used The State Bank for several loans, 
whether it may be personal, refinance or business 
and it is always a quick and easy process. Aeron 
Grigg and The State Bank helped back our business 
from the beginning. They saw our vision and 
helped make it happen. They have always been on 
top of getting loans needed to keep the business 
running proficiently. They are there to guide you 
along the way by always looking out for your best 
interest to help grow and maintain your business.”

EBE Electric, LLC

Every single time we 
approached The State Bank 
with a set of challenges or 
growth ideas, they were 
there for us, encouraged us 
and helped us achieve the 
goals we set for ourselves.

Chad & Marybeth Brennan, CRUST a baking co.

YOU ACTUALLY MATTER
“My family and I are so blessed to have The State 
Bank on our side. I have been using them for years 
for all my commercial needs. They always deliver 
the best customer service in banking I have ever 
experienced. You are more than a number to 
them, you actually matter. Stephanie Claborn 
and Lisa Wood have been absolutely amazing to 
work with. I have never met a person who works 
at The State Bank, that was not smiling. If you do 
not bank with this bank, you are missing out.” 

Bobby J Grossi DDS,  
Grossi Dental and Wellness, and Crumbl Cookie owner 

EASY, SIMPLE, FAST
“As a realtor, I have worked with Mindy Ball for many 
years. Since she joined The State Bank I have noticed 
transactions seem easier, less complicated and very 
fast. The team is outstanding with explanations and 
updates. Thank you for taking care of my clients.”

Angie Ridley, Broker / Owner, Complete Realty LLC

THERE ISN’T A BETTER BANK

“Cislo Title Company has been banking with The 
State Bank for 33 years. There isn’t a better bank 
to handle all of our banking needs. Particularly 
Lisa Wood and Andy Gavulic have done a fabulous 
job providing Cislo Title with great customer 
service. Also, their mortgage, commercial loan 
and wire department are as good as it gets. I 
would highly recommend The State Bank!”

Matt Delecki, Cislo Title Company

A RELATIONSHIP  
THAT SPANS DECADES
“It has been a pleasure doing business with The State 
Bank. My dad opened my first savings account for 
me at The State Bank in the 1980s. Since then, they 
have helped me with my personal mortgage needs 
and helped me grow my business with commercial 
construction loans and commercial mortgages. The 
personal service from The State Bank for myself 
and my business has been a great experience.” 

Jonathan Hamel, White’s Landing

RESILIENCE AND  
CLIENT-CENTRIC SERVICE
“Thank you for partnering with me in the financing of 
multiple apartment complexes in multiple counties 
throughout our metro. As a national investment 
broker by trade, I have gathered it takes a nimble 
approach to timely execution with clients and you 
are no different. I was not only impressed with your 
bank’s aggressive terms but their willingness to 
build on our business relations deal after deal. I 
interact with financial institutions around the 
country and I am proud to affiliate myself with 
The State Bank due to their resilience and client-
centric service, despite all the headwinds we have 
faced in recent years. I appreciate all you and your 
bank have done for me and write this in sincerity 
so your future prospects can take notice.” 

Simon Jonna, Jonna Group Real Estate Investment Services

They always deliver the best 
customer service in banking 
I have ever experienced.
Bobby J Grossi DDS,  
Grossi Dental and Wellness and Crumbl Cookie owner 

BETTER 
FINANCIAL 
PARTNERSHIPS

NAVIGATING A 
COMPLEX WORLD
“Jill White from The State Bank has been an excellent 
partner in helping Look Self Storage secure several 
commercial loans combined with an SBA loan. Her 
extensive knowledge and expertise in the field, along 
with her attention to detail, have made the entire 
process efficient and stress-free. Jill’s ability to 
navigate the complex world of financing has given 
Look Self Storage the flexibility it needs to grow 
and succeed. We are grateful for her assistance and 
highly recommend her services and The State Bank.”

Thomas Lapham, Look Self Storage

A BANK THAT BELIEVES IN US
“We have worked with The State Bank since the very 
beginning of CRUST a baking co.  We just recently 
surpassed our 11-year anniversary on February 1, 
2023.  Over the years we have experienced many 
obstacles most of which required our partners at The 
State Bank to help us navigate and fund our growth 
along the way.  Every single time we approached 
The State Bank with a set of challenges or growth 
ideas, they were there for us, encouraged us and 
helped us achieve the goals we set for ourselves.  
We are extremely grateful to have such an open-
minded, risk-taking bank that believes in us and 
what we do.  We have experienced phenomenal 
customer service and a true sense of partnership 
while working with The State Bank.  We appreciate 
their ability to invest in us and our vision for the 
future.  We would not be where we are today if 
it weren’t for our partners at The State Bank.”  

Chad & Marybeth Brennan, CRUST a baking co.

UNWAVERING COMMITMENT 
“Nearly a decade ago, we made the decision to switch 
business banking accounts to The State Bank.  We 
couldn’t be happier with that decision!  The State 
Bank offers attractive rates and all of the banking 
functionality and tools that you would expect with 
a business banking account.  But what sets them 
apart is their top-notch customer service.  I have 
outstanding relationships with multiple operational 
employees and executives, who are always available 
to respond to our many needs.  The commitment to 
their clients is unwavering and creates an extremely 
positive and effortless banking experience!”

Their commitment to their 
clients is unwavering 
and creates an extremely 
positive and effortless 
banking experience!
Jeff Krueger, E&L Construction Group

HANDLED WITH INTEGRITY

“Tom Hufton conducted a thorough review of 
our financial circumstances and prepared a 
detailed plan to ensure a financially secure future 
retirement. A multitude of financial options 
were developed, explained, and implemented 
via mutual agreement. He made us feel very 
comfortable and has continually monitored 
and updated our account to meet our changing 
circumstances over a period of many years.

We are exceptionally pleased with Tom Hufton and 
The State Bank Wealth Advisors and are certain 
that we made the right choice in the selection 
of an extremely competent and personable 
financial advisor years ago. All the details of 
our financial holdings have been handled with 
promptness, accuracy, and absolute integrity.”

Richard Latinen

A TRUE PARTNER

“Everyone we have had the pleasure to work with 
at The State Bank has been extremely professional 
and very responsive.  From securing an initial 
line of credit to obtaining numerous equipment 
loans to day-to-day banking activities, we have 
always received the personal attention and quick 
turnaround we needed.  In the middle of one of 
the largest disaster recovery projects in recent 
years, Tom Barrett and his team were able to 
quickly provide a significant increase to our line 
of credit to meet our immediate cash flow needs.  
This allowed us to quickly obtain the required 
resources to assist multiple communities to begin 
recovery and regain some normalcy to their lives 
during a very difficult time.  Tom and his team 
at The State Bank have been a true partner to 
our business and the communities we serve.”

Jeff Krueger, E&L Construction Group

Cheryl A. Cameron, SPE Group

7

BETTER GROWTH: 
2022 HIGHLIGHTS

8

Dollars in Thousands Except Per Share Amounts

Balance Sheet and Asset Quality Ratios

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

Net Loans to Total Deposits

106.77%

88.71%

98.48% 100.19%

100.60%

ALLL to Gross Loans

Net Loan Charge-offs to Gross Loans

Nonperforming Loans to Gross Loans

0.91%

0.05%

0.16%

0.95%

0.02%

0.18%

1.02%

0.05%

0.75%

0.67%

0.00%

0.17%

0.58%

0.02%

0.14%

Per Share Data

Earnings per Share

Book Value per Share

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

$3.38

 $3.60 

 $3.31 

 $2.49 

 $2.65 

$28.40

 $27.68 

 $24.68 

 $21.75 

 $19.31 

Tangible Book Value per Share

$26.22

 $25.43 

 $23.88 

 $20.87 

 $18.32 

Market Price per Share

Dividends per Share

$22.20

 $28.28 

 $22.00 

 $25.23 

 $21.00 

$0.36

 $0.32 

 $0.30 

 $0.28 

 $0.24 

Total 1 Year Return to Shareholders (%)

-20.23%

30.00%

-11.61%

21.48%

12.50%

Common Shares Outstanding

4,439,725

 4,496,701

 4,694,275

4,664,369

 4,636,455

Average Common Shares Outstanding

4,448,003

 4,624,243

 4,684,006

4,653,872

 3,812,433

Performance Ratios

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

Return on Average Assets

0.98%

1.26%

1.29%

1.20%

1.20%

Return on Average Shareholders' Equity

12.30%

13.52%

14.05%

12.02%

15.05%

Net Interest Margin Yield (FTE)

3.67%

3.58%

3.50%

3.83%

3.84%

Efficiency Ratio

65.11%

64.65%

58.10%

63.20%

65.23%

Capital Ratios

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

Total Capital to Risk Weighted Assets

10.87%

12.22%

15.14%

14.03%

14.00%

Tier 1 Capital to Risk Weighted Assets

CET1 Capital to Risk Weighted Assets

Tier 1 Capital to Average Assets

9.95%

8.96%

8.58%

11.30%

13.93%

13.33%

13.40%

10.07%

12.38%

11.64%

11.52%

9.13%

9.80%

11.20%

10.92%

CONDENSED CONSOLIDATED BALANCE SHEETS 

Assets

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

Cash and Cash Equivalents

$57,844

 $ 83,446 

 $46,757 

 $46,803 

 $23,412 

Total Securities

Loans Held for Sale

Gross Loans

125,049

 164,942 

493

 6,783 

 76,111 

 27,306 

 61,621 

 19,491 

 94,721 

 903 

1,436,166

 1,100,092 

 1,066,562 

 870,555 

 772,227 

Less Allowance for Loan Losses

13,000

 10,500 

 10,900 

 5,813 

 4,488 

Net Loans

All Other Assets

Total Assets

1,423,166

 1,089,592 

 1,055,662 

 864,742 

 767,739 

82,311

 73,022

 45,610 

 42,102 

 39,675 

$1,688,863  $1,417,785  $1,251,446  $1,034,759 

$926,450 

Liabilities and Shareholders’ Equity

Total Deposits

Total Borrowed Funds

Accrued Interest and Other Liabilities

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

$1,332,883  $1,228,298 

 $1,071,976 

$ 863,102 

 $763,124 

222,350

7,543

 50,000 

 15,032 

 49,000 

 14,602 

 61,500 

 69,000 

 8,713 

 4,810 

Total Liabilities

1,562,776

1,293,330

 1,135,578 

 933,315 

 836,934 

Total Shareholders' Equity

126,087

 124,455 

 115,868 

 101,444 

 89,516 

Total Liabilities and Shareholders' Equity

$1,688,863  $1,417,785

$1,251,446  $1,034,759

 $926,450 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME FOR THE YEARS ENDED 

Interest and Dividend Income

Loans, Including Fees

Investments

Total Interest and Dividend Income

Total Interest Expense

Net Interest Income

Provision for Loan Losses

Net Interest Income,  
    After Provision for Loan Losses

Total Non-Interest Income

Total Non-Interest Expenses

Income Before Federal Income Taxes

Federal Income Taxes

Net Income

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

$56,610

 $45,129 

 $44,238 

 $41,102 

 $34,371 

2,610

59,220

6,767

52,453

3,105

 1,781 

 1,741 

 2,439 

 1,979 

 46,910 

 45,979 

 43,541 

 36,350 

 2,736 

 5,924 

 8,627 

 5,827 

 44,174 

 40,055 

 34,914 

 30,523 

 (180)

 5,634 

 1,335 

 1,057 

49,348

 44,354 

 34,421 

 33,579 

 29,466 

9,880

40,585

18,643

3,710

 14,080 

 37,663 

 19,640 

 34,684 

 8,163 

 8,277 

 27,223 

 25,310 

 20,771 

 19,377 

 14,519 

 12,433 

 4,192 

 3,913 

 2,941 

 2,319 

$14,933

$ 16,579 

 $15,464 

 $11,578 

 $10,114 

BETTER GROWTH: 
2022 HIGHLIGHTS

9
9

BETTER GROWTH: 
2022 HIGHLIGHTS

MARKET PRICE PER SHARE

BALANCE SHEET

$25.23

$28.28

$21.00

$22.00

$22.20

Gross Loans

Total Deposits

Total Assets

,

0
5
4
6
2
9
$

,

7
2
2
2
7
7
$

,

4
2
1
3
6
7
$

,

5
5
5
0
7
8
$

,

2
0
1
3
6
8
$

,

9
5
7
4
3
0
1
$

,

,

3
6
8
8
8
6
1
$

,

,

6
6
1
6
3
4
1
$

,

,

3
8
8
2
3
3
1
$

,

,

5
8
7
7
1
4
1
$

,

,

8
9
2
8
2
2
1
$

,

,

2
9
0
0
0
1
1
$

,

,

6
4
4
1
5
2
1
$

,

,

6
7
9
1
7
0
1
$

,

,

2
6
5
6
6
0
1
$

,

2018

2019

2020

2021

2022

2018

2019

2020

2021

2022

RETURN ON AVERAGE ASSETS 

EARNINGS PER SHARE

1.20%

1.20%

1.29%

1.26%

0.98%

$3.60

$3.38

$3.31

$2.65

$2.49

2018

2019

2020

2021

2022

2018

2019

2020

2021

2022

EFFICIENCY RATIO

NET INCOME

65.23%

65.11%

64.65%

63.20%

58.10%

$10,114

$11,578

$16,579

$15,464

$14,933

2018

2019

2020

2021

2022

2018

2019

2020

2021

2022

Dollars in Thousands Except Per Share Amounts

10

RECOGNIZED FOR 
BETTER

BEST OF...
The State Bank was honored this year with several Best 
Of awards. The Tri-County Times, serving Fenton, Linden, 
and Holly awarded The State Bank with Best Bank, 
Favorite Mortgage Lender, and Best Financial Planning 
honors. The Swartz Creek View readers awarded The 
State Bank with Best Bank and Favorite Mortgage Lender.

TOP PERFORMING
COMMUNITY BANKS
Fentura Financial, Inc., announced that once again it 
ranked in the American Banker’s “Top 200 Community 
Banks” list, as one of the top performing community 
banks in the United States. The banks were ranked on 
three-year return on average equity between 2019 and 
2021. Fentura Financial, Inc. ranked number 63 out of 200. 
(Source: Capital Performance Group.)

Our team continues to focus on serving our families, businesses and communities and receiving this recognition from 
American Banker proves their dedication is truly making a difference. We have learned that our ability to stand out 
amongst our competitors relies on how we uniquely serve our customers with the perspective that anything is possible.

Ron Justice, President & CEO of Fentura Financial, Inc. and The State Bank.

COMMITMENT TO  
FINANCIAL WELLNESS 

In 2022, The State Bank provided upwards of 1,400-
hours of training support to 16 organizations, across 
four counties. Over the course of 30 sessions, the 
bank’s Community Reinvestment Act (CRA) team 
reached 457 individuals with topics about saving 
and budgeting, understanding and maintaining 
credit, and assessing homeownership readiness.

SBA LEADER  
THREE YEARS & COUNTING
For the third year in a row, The State Bank was ranked 
as the #1 Michigan-Based Community Bank Small 
Business Administration (SBA) Lender based upon 
the number of approved loans for the SBA fiscal 
years ending September 30, 2020, 2021, and 2022. 
Our expertise and commitment to small businesses 
has led to our continued success in this area.

#

#1 Michigan-Based 
Community Bank SBA Lender* 

FO R  T H R E E  Y E A R S   I N   A   ROW

*Based upon number of approved loans for the SBA fiscal years ending 
September 30, 2020, 2021 & 2022. Subject to credit approval. 

11

ATM ONLY LOCATIONS

ALPINE FOOD PLAZA
606 W. Broad Street
Linden, MI 48451

BURT
10811 Albee Road
Burt, MI 48417

CHESANING
148 Chapman Street
Chesaning, MI 48616

THOMPSON ROAD
3237 W. Thompson Road
Fenton, MI 48430

LOAN PRODUCTION 
OFFICES

BAY CITY
268 Uptown Drive
Bay City, MI 48708

FLINT
615 Saginaw Street 
Flint, MI 48502

LOCATIONS

MONTROSE
200 W. State Street
Montrose, MI 48457
810.639.6101

MUNITH
201 N. Main Street
Munith, MI 49259
517.985.1062

NEW LOTHROP
9380 Genesee Street
New Lothrop, MI 48460
810.638.3003

SAGINAW
218 S. Washington Avenue
Saginaw, MI 48601
989.393.4020

SILVER PARKWAY 
15095 Silver Parkway
Fenton, MI 48430
810.750.5605

ST. CHARLES
207 S. Saginaw Street
St. Charles, MI 48655
989.865.9434

STOCKBRIDGE
5101 M-106
Stockbridge, MI 49285
 517.985.1062

THOMAS TOWNSHIP 
7590 Gratiot Road
Saginaw, MI 48609
989.781.2350

VG’S FOOD CENTER
18005 Silver Parkway
Fenton, MI 48430
810.750.8781

 MAIN OFFICE
175 N. Leroy Street
Fenton, MI 48430
810.629.2263

BIRCH RUN
8412 Main Street
Birch Run, MI 48415
989.624.6280

BRIGHTON
134 N. First Street
Brighton, MI 48116
810.534.0800

CHESANING
12771 Brady Road
Chesaning, MI 48616
989.845.7070

FARMINGTON HILLS 
Northwestern Professional Center
31000 Northwestern Highway,  
Suite 150
Farmington Hills, MI 48334
248.498.6979

GRAND BLANC NORTH
1401 E. Hill Road
Grand Blanc, MI 48439
810.603.9500

GRAND BLANC SOUTH
7606 S. Saginaw Street
Grand Blanc, MI 48439
810.695.9601

GRASS LAKE
12005 Michigan Avenue
Grass Lake, MI 49240
517.985.1062

HOLLY
4043 Grange Hall Road
Holly, MI 48442
810.750.8701

LINDEN
107 Main Street
Linden, MI 48451
810.750.8794

12

800.535.0517   |   Fentura.com   |   TheStateBank.com