Fentura Financial Announces that Leading Independent Proxy Firm ISS Recommends Shareholders Vote “FOR” Three of Fentura’s Highly Qualified Directors

FENTON, Mich., May 19, 2023 (GLOBE NEWSWIRE) -- Fentura Financial, Inc. (OTCQX: FETM) today announced that Institutional Shareholder Services ("ISS"), a leading independent proxy voting and corporate governance advisory firm, recommends Fentura shareholders vote for three of the Company’s nominees including Ronald L. Justice, Debra F. Williams, and Robert A. Herdoiza.

In its report dated May 16, 2023, ISS also recommended a vote against the Company’s Auditor and a withhold vote on nominee Ronald K. Rybar for the Company’s lack of disclosure of auditor fees. Because Fentura is not an SEC registrant, disclosure of auditor fees is not required in the Company’s proxy.

Fentura is happy to supplement our proxy materials with the following disclosure:

Fentura recommends that shareholders vote FOR all of its four nominees. The Company notes that by providing its auditor fees in this press release, this satisfies a major reason why ISS recommended a vote against the Company’s Auditor and a withhold vote on nominee Ronald K. Rybar. The Company has nominated existing directors Ronald L. Justice, Ronald K. Rybar, and Debra F. Williams. Mr. Justice and Mr. Rybar cumulatively have over 50 years of relevant banking and market experience, have significant experience serving on the boards of directors of for-profit corporations, own substantial shares of Company stock, and work and reside in the communities that the Company serves. In addition to possessing certain similar characteristics of Mr. Justice and Mr. Rybar, Ms. Williams brings extensive experience in the areas of strategic planning and execution, organizational design, restructuring and alignment, employee and customer experience, as well as diversity, equity and inclusion initiatives. As part of the Company’s focus to refresh the composition of its Board, Fentura also nominated a new director Robert A. Herdoiza to serve on its Board. Mr. Herdoiza is a registered investment advisor and former CPA and CFO, who brings a wealth of finance, business, accounting, and capital markets experience to the Company’s Board.

About Fentura Financial, Inc. and The State Bank

Fentura Financial, Inc. is the holding company for The State Bank. It was formed in 1987 and is traded on the OTCQX exchange under the symbol FETM, and has been recognized as one of the Top 50 performing stocks on that exchange.

The State Bank is a full-service, 5-Star Bauer Financial rated commercial, retail and trust bank headquartered in Fenton, Michigan. It currently operates 20 offices in Bay, Genesee, Ingham, Jackson, Livingston, Oakland, Saginaw, and Shiawassee counties. The State Bank believes in the potential of banking to help create better lives, better businesses, and better communities, and works to achieve this through its full array of consumer, mortgage, SBA, commercial and wealth management banking and advisory services, together with philanthropic and volunteer support to organizations and groups within the communities it serves. More information can be found at www.thestatebank.com or www.fentura.com.

Cautionary Statement: This press release contains certain forward-looking statements that involve risks and uncertainties. Forward-looking statements include, but are not limited to, statements concerning future growth in earning assets and net income. Such statements are subject to certain risks and uncertainties which could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including, but not limited to, economic, competitive, governmental and technological factors affecting the Company’s operations, markets, products, services, interest rates and fees for services. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.