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ChoiceOne Financial Services Inc. (NASDAQ: COFS) is a financial holding company headquartered in Sparta, Michigan. Through its subsidiary, ChoiceOne Bank, the company provides a comprehensive range of banking services aimed at both personal and business customers. Established over 110 years ago, ChoiceOne has a rich history of commitment to its local communities in Kent, Ottawa, Muskegon, and Newaygo counties, and has expanded its reach to Lapeer, Macomb, and St. Clair counties.
Core Business Operations: ChoiceOne offers a variety of financial solutions including time, savings, and demand deposits, safe deposit services, automated transaction machine services, and a range of loan products such as commercial, consumer, and agricultural loans. The bank also extends its services to treasury notes and bonds. Its insurance and investment products are offered through its subsidiary, ChoiceOne Insurance Agencies, Inc.
Recent Achievements: Recently, ChoiceOne reported net income of $5,634,000 for the quarter ending March 31, 2024. The company has demonstrated strong asset quality and strategic growth in core loans, reflecting the efficiency and dedication of its team. The bank celebrated its 125th anniversary in 2023 and launched a newly redesigned website to enhance customer experience.
Financial Condition: ChoiceOne has been proactive in managing its liquidity and interest rate risks. As of March 31, 2024, total assets stood at $2.7 billion, an increase of $260.8 million from the previous year. The company continues to balance its growth through a mix of deposits, brokered deposits, and advances from the Bank Term Funding Program (BTFP) and the Federal Home Loan Bank (FHLB). Uninsured deposits totaled $792.3 million, or 37.0% of total deposits.
Current Projects: The bank has notably shifted its strategy towards enhancing its technological capabilities, evidenced by the launch of an advanced treasury services platform for business clients. This platform aims to provide better reporting, security, and payment capabilities to mid-sized businesses and municipalities.
Partnerships and Products: ChoiceOne's focus on local community relationships is complemented by its strategic use of financial instruments such as interest rate swaps to manage exposure. As of March 31, 2024, these swaps had a total notional value of $401.0 million, demonstrating the bank's effective risk management practices.
For more detailed information, please visit ChoiceOne's website.
ChoiceOne Financial Services (NASDAQ: COFS) and Fentura Financial shareholders have approved their merger at special meetings held on December 12, 2024. Fentura will merge into ChoiceOne, with the combined organization operating under the ChoiceOne name and headquartered in Sparta, Michigan. The merger will create a $4.3 billion-asset bank holding company with 56 offices across West and Southeastern Michigan, becoming the 3rd largest publicly traded bank holding company headquartered in Michigan. The transaction is expected to close in Q1 2025, pending regulatory approvals and customary closing conditions.
ChoiceOne Financial Services (NASDAQ: COFS) has declared a quarterly cash dividend of $0.28 per share, payable on December 31, 2024, to shareholders of record as of December 13, 2024. This represents a $0.01 increase from both the previous quarter and the same quarter last year.
The company operates through ChoiceOne Bank with 36 offices across various Michigan counties, including Kent, Lapeer, Macomb, Muskegon, Newaygo, Ottawa, and St. Clair. Additionally, it provides insurance and investment products through its subsidiary, ChoiceOne Insurance Agencies.
ChoiceOne Financial Services (NASDAQ:COFS) reported strong Q3 2024 results with net income of $7.3 million, up 43.5% from Q3 2023. Core loans grew organically by $64.5 million (18.4% annualized) in Q3, while deposits increased by $102.1 million (19.5% annualized). The company's net interest margin improved to 3.17%, up from 2.95% in Q2 2024. Notable developments include a definitive merger agreement with Fentura Financial and completion of a $34.5 million public offering of common stock. Asset quality remains strong with nonperforming loans at 0.19% of total loans.
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.
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