CHOICEONE FINANCIAL - COFS STOCK NEWS

ChoiceOne Financial Services, Inc. and ChoiceOne Bank (NASDAQ: COFS) have been awarded the 2023 Lender of the Year Award by the Michigan Certified Development (MCDC). Additionally, Brad Bissett, Vice President and Commercial Loan Officer, received the 2023 Individual Lender of the Year award.

ChoiceOne's SBA department, led by Aaron Griffin, was recognized for its excellence in the SBA 504 Loan Program, demonstrating innovation and client service. The bank was acknowledged for completing the most SBA 504 loans with MCDC in 2023, totaling four loans. Earlier in the year, ChoiceOne was also honored as the SBA Michigan District 504 Third Party Lender of the Year, having made seven SBA 504 Loans totaling nearly $7 million.

ChoiceOne Financial Services, Inc. and ChoiceOne Bank (NASDAQ: COFS) have been awarded a Gold Award from dotCOMM for their website redesign, recognizing excellence in web creativity and digital communication. The award, evaluated by the Association of Marketing and Communication Professionals (AMCP), places ChoiceOne among top global companies in digital innovation.

ChoiceOne President Michael J. Burke, Jr. emphasized the bank's commitment to providing innovative services and technology, balancing high-speed convenience with personal relationships through their branch network. The redesigned website, part of ChoiceOne's 125th Anniversary initiatives, was developed to intuitively assist customers with their financial needs, aligning with the bank's mission of superior service and quality advice.

ChoiceOne Financial Services, Inc. (NASDAQ: COFS) has declared a cash dividend of $0.27 per share on its common stock. The dividend will be paid on September 30, 2024, to shareholders of record as of September 13, 2024. This dividend is equal to the previous quarter's payout and $0.01 higher than the same quarter last year. ChoiceOne Financial is the parent company of ChoiceOne Bank, which operates 35 offices across various Michigan counties. The company also offers insurance and investment products through its subsidiary, ChoiceOne Insurance Agencies, Inc.

ChoiceOne Financial Services, Inc. (NASDAQ: COFS) has successfully closed its underwritten public offering of 1,380,000 shares of common stock at $25.00 per share, raising approximately $34.5 million in gross proceeds. The offering included 180,000 shares sold through the underwriter's fully exercised over-allotment option. D.A. Davidson & Co. acted as the sole book-running manager for the offering.

ChoiceOne plans to use the net proceeds for general corporate purposes, including supplementing regulatory capital ratios and in conjunction with its announced merger with Fentura Financial, Inc. The offering was made through an effective shelf registration statement on Form S-3 filed with the SEC.

ChoiceOne Financial Services, Inc. (NASDAQ: COFS) has announced the pricing of an underwritten public offering of 1,200,000 shares of its common stock at $25.00 per share, expecting to raise approximately $30.0 million in gross proceeds. The net proceeds, after deducting underwriting discounts, are estimated at $28.2 million. ChoiceOne has granted the underwriter a 30-day option to purchase up to an additional 180,000 shares. The offering is expected to close on or about July 26, 2024.

The company plans to use the net proceeds for general corporate purposes, including supplementing regulatory capital ratios and in conjunction with its announced merger with Fentura Financial, Inc. D.A. Davidson & Co. is acting as the sole book-running manager for the offering.

ChoiceOne Financial Services, Inc. (NASDAQ: COFS) and Fentura Financial, Inc. (OTCQX: FETM) have announced a definitive merger agreement in an all-stock transaction. The merger will create the third largest publicly traded bank in Michigan with approximately $4.3 billion in consolidated total assets and 56 offices across Western, Central, and Southeastern Michigan. Each Fentura share will be converted into 1.35 ChoiceOne shares, valuing the transaction at $180.4 million. The merger is expected to close in Q1 2025, subject to shareholder and regulatory approvals. The combined entity will strengthen ChoiceOne's presence in Detroit's suburbs and add markets in Flint and Saginaw. Both companies emphasize their shared commitment to customer service and community engagement.

ChoiceOne Financial Services, Inc. (NASDAQ: COFS), parent company of ChoiceOne Bank, has announced a public offering of common stock. The offering aims to raise at least $30 million, with an option for the underwriter to purchase up to 15% additional shares. Proceeds will be used for general corporate purposes, including boosting regulatory capital ratios and supporting the announced merger with Fentura Financial, Inc.

D.A. Davidson & Co. is the sole underwriter for the transaction. The offering is made pursuant to a shelf registration statement filed with the SEC. ChoiceOne, with approximately $2.6 billion in assets, is Michigan's eighth-largest bank holding company and operates 35 offices across several counties.

ChoiceOne Financial Services (NASDAQ: COFS) reported strong financial results for Q2 2024. Net income increased to $6,586,000, up 26.3% year-over-year. Diluted EPS rose to $0.87, compared to $0.69 in Q2 2023. The GAAP net interest margin improved to 2.95%, up from 2.79% in Q2 2023. Core loans grew organically by $12.4 million (3.6% annualized) in Q2 2024 and $175.6 million (14.3%) year-over-year. Deposits, excluding brokered deposits, increased by $64.5 million (3.2%) over the past 12 months. Asset quality remains strong with nonperforming loans at just 0.16% of total loans. The company's strategic use of interest rate swaps has contributed to improved financial performance and positioning in various rate environments.

ChoiceOne Financial Services (NASDAQ: COFS) and DPT Solutions have partnered to offer Metriciti, a revolutionary commercial lending platform for community banks. Developed internally by ChoiceOne over four years, Metriciti has driven significant loan growth and is now available nationwide through DPT as the exclusive reseller.

Metriciti offers a customer-centric approach to lending with advanced data analytics, streamlined operations, and high security standards. It addresses the technology gap faced by smaller banks, providing an efficient solution that can scale with growth demands.

The platform has garnered strong market interest, with DPT handling sales, implementation, and support. ChoiceOne's leadership views Metriciti as a game-changer for community banks, offering a competitive edge in an increasingly challenging financial landscape.