Newsweek Again Selects ChoiceOne Bank as Best Small Bank in Michigan

Rhea-AI Summary

ChoiceOne Financial Services, Inc. (Nasdaq: COFS) has been recognized as Michigan's Best Small Bank by Newsweek for 2022, marking the second consecutive year for this accolade. This ranking is part of Newsweek's evaluation of over 2,500 banks, considering factors like customer service, digital presence, and loan options. ChoiceOne Bank, with around $2.1 billion in assets, operates 35 offices in Michigan. CEO Kelly J. Potes emphasized the bank's commitment to innovative financial technology and community support amid the pandemic, enhancing its reputation in the state.

Positive

• Recognized as Michigan's Best Small Bank for two consecutive years by Newsweek.
• Ranked among over 2,500 financial institutions based on customer service and performance.
• Maintains a strong asset base of approximately $2.1 billion, making it the 10th largest bank holding company in Michigan.
• Offers advanced technology solutions like mobile banking and online loan applications.

Negative

• None.

SPARTA, Mich., Sept. 28, 2021 /PRNewswire/ -- ChoiceOne Financial Services, Inc. (Nasdaq: COFS), the parent company of ChoiceOne Bank, is pleased to announce ChoiceOne Bank was once again ranked as Michigan's Best Small Bank by Newsweek. ChoiceOne was recognized in Newsweek's first-ever ranking in 2020 of the country's financial institutions that were best at serving their customers' needs in 2021 during the pandemic climate. Today, Newsweek has once again recognized ChoiceOne Bank as the Best Small Bank in Michigan for 2022.

For the second year in a row, Newsweek Magazine recognized ChoiceOne Bank as "America's Best Banks" winner in the small bank category for Michigan. Best Bank winners were selected from among 2,508 financial institutions and assessed on more than 30 separate factors, covering the overall health of the bank, customer service performance and features, digital and branch presence, account and loan options, interest rate offerings and fees. Best Small Bank in each state needed less than $10 billion in assets and had to be among the five banks with the most branches in the state.

"We are extremely honored to once again stand out across the country as Michigan's Best Small Bank," said ChoiceOne CEO Kelly J. Potes. "ChoiceOne Bank has always taken the lead in presenting our customers with the financial technology they require, offering mobile banking, mobile deposits, innovative payroll solutions, online loan applications, online account openings, Zelle®, and Plinqit, a digital mobile savings tool. Our innovative strategies continue to allow us to offer our customers the best technology while still maintaining our personal approach to banking with our Customer Service Center and full-service branch network."

ChoiceOne Bank had the products and services in place when it became clear in March 2020 that new safety measures had to be implemented because of the pandemic. The Bank was prepared to offer new loans and loan forgiveness programs to those needing assistance. All of this has helped to keep families and small businesses thriving, while subsequently reinforcing Michigan's economy. ChoiceOne continues to keep interest rate competitive, offer more advanced technology, and provide additional opportunities to meet face-to-face depending on a customer's safety and needs.

"As a Michigan community bank, we understand the different challenges facing our customers and our communities today," said ChoiceOne President Michael J. Burke, Jr. "I am extremely proud of our teams across the state. They continue to show up with compassion and assuredness to help find financial solutions for the individuals, families, farmers and businesses in our communities."

For more details on this 2022 Newsweek recognition and methodology, please visit 
https://www.newsweek.com/americas-best-banks-2022/best-small-banks-state.

About ChoiceOne 
ChoiceOne Financial Services, Inc. is a financial holding company headquartered in Sparta, Michigan, and the parent corporation of ChoiceOne Bank. Member FDIC. ChoiceOne Bank, named one of America's Best Banks by Newsweek, operates 35 offices in parts of Kent, Ottawa, Muskegon, Newaygo, Lapeer, St. Clair, and Macomb counties.  ChoiceOne is an approximately $2.1 billion-asset bank holding company making it the 10th largest bank holding company in Michigan based on asset size. ChoiceOne Bank offers insurance and investment products through its subsidiary, ChoiceOne Insurance Agencies, Inc. ChoiceOne Financial Services, Inc. common stock is quoted on the Nasdaq Capital Market under the symbol "COFS." For more information, please visit Investor Relations at ChoiceOne's website choiceone.com.

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SOURCE ChoiceOne Financial Services, Inc.

FAQ

What is the recent recognition received by ChoiceOne Financial Services (COFS)?

ChoiceOne Financial Services has been recognized as Michigan's Best Small Bank for 2022 by Newsweek.

How many banks were evaluated for the Newsweek ranking?

Newsweek evaluated over 2,500 financial institutions for their rankings.

What are the criteria for ranking small banks in Michigan?

Criteria included customer service, digital presence, account options, and overall health of the bank.

How many offices does ChoiceOne Bank operate in Michigan?

ChoiceOne Bank operates 35 offices throughout parts of Michigan.

What is the asset size of ChoiceOne Bank?

ChoiceOne Bank has approximately $2.1 billion in assets.