SOUTHFIELD, Mich., May 3 /PRNewswire/ — Flint area Davison State Bank has been acquired by Hantz Holdings, Inc., an affiliate of Hantz Group, a financial services firm with offices in Michigan, Ohio and Georgia. Davison State Bank was previously owned by Fentura Financial, Inc., a Fenton based bank holding company.
“We are pleased to add the Davison State Bank to our family of financial services,” said John Hantz, Chairman and CEO, Hantz Group. “This acquisition allows us to provide an even more comprehensive package of services to address our individual and small business customers’ total financial health.”
“Our commitment of significant capital to Davison State Bank demonstrates that we intend to be very well-capitalized to not only have the resources to serve our affiliated companies’ customers, but also help new customers throughout Michigan,” Hantz added.
Davison State Bank is a $40 million bank located near Flint in Genesee County. The bank was formed in 2000 and has two offices which serve the banking needs of individuals and small businesses in the Davison area. Hantz Holdings, Inc. acquired the bank for $2.8 million from Fentura Financial, Inc. with an additional capital contribution to the holding company of $7 million dollars. The ownership transfer was effective 12:00 midnight, May 1, 2010.
According to Fentura CEO Donald L. Grill, “The sale of Davison State Bank allows Fentura to redeploy the capital received from the sale to further support and strengthen the financial condition of the remaining Fentura subsidiary banks.”
David Lamb, President, Hantz Holdings, Inc., added, “Davison State Bank will continue to be a great financial service provider to Davison and the surrounding communities. It will also provide us with the foundation for future expansion opportunities.”
Davison State Bank will continue to operate as a traditional community bank headquartered in Davison. Many backroom support services will continue to be provided by The State Bank, a subsidiary of Fentura Financial, Inc.
ABOUT THE HANTZ GROUP
Hantz Holdings, Inc. is a bank holding company affiliated with the Hantz Group, headquartered in Southfield, Mich. The Hantz Group provides a wide variety of financial services for consumers and small businesses including financial and retirement planning, property & casualty insurance for consumers, business and individual tax services, estate planning as well as retirement and health care plans for business and commercial insurance. It manages more than $2 Billion in assets with 23 offices in Michigan, Ohio and Georgia. Web site: www.hantzgroup.com.
Source: Hantz Holdings, Inc.
CONTACT: Tina Bassett, Bassett & Bassett, Incorporated, +1-313-965-3010