Newsweek Recognizes ChoiceOne Bank as Best Small Bank in Michigan

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ChoiceOne Financial Services, Inc. (Nasdaq: COFS) announced that its subsidiary, ChoiceOne Bank, was ranked as Michigan's Best Small Bank by Newsweek. This ranking was part of Newsweek's assessment of over 2,500 FDIC-insured institutions, focusing on customer service, mobile satisfaction, and interest rates. CEO Kelly J. Potes highlighted the bank's commitment to innovative financial technology and customer service during the pandemic. Banks considered had under $10 billion in assets and were among the top five by branches in the state.

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• Ranking as Michigan's Best Small Bank by Newsweek highlights customer satisfaction and service quality.
• The bank's innovative financial technology has effectively served customers during the pandemic.

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• None.

SPARTA, Mich., Oct. 29, 2020 /PRNewswire/ -- ChoiceOne Financial Services, Inc. (Nasdaq: COFS), the parent company of ChoiceOne Bank, is pleased to announce ChoiceOne Bank was recently ranked as Michigan's Best Small Bank by Newsweek. ChoiceOne was recognized in Newsweek's first-ever ranking of the country's financial institutions that are best at serving their customers' needs in today's pandemic climate.

To help consumers navigate the new financial landscape and find the institution that best serves their needs, Newsweek used a universe of more than 2,500 FDIC-insured institutions to rank America's Best Banks in 2021. The publication assessed U.S. banks based on the most salient features for each bank type or account, using 55 separate factors to come up with a best-in-class option in 19 categories — including the Best Small Bank in every state. 

"We are honored to 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 and a digital mobile savings tool. Our innovative strategies have allowed us to offer our customers the best technology during this pandemic 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 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 helped to keep families and small businesses thriving, which subsequently helped to provide stability to Michigan's economy.

"As a Michigan community bank, we understand the 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 have stepped up to the challenge with compassion and assuredness to find financial solutions for the individuals, families, farmers and businesses in our communities."

To be considered a Best Small Bank by Newsweek, banks had to have less than $10 billion in assets and had to be among the five banks with the most branches in the state.  Included in the assessment were customer service qualities, mobile app satisfaction, current and historical interest rates.  For more details on this recognition and methodology, please visit: https://www.newsweek.com/americas-best-banks-2021/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 operates 33 offices in parts of Kent, Ottawa, Muskegon, Newaygo, Lapeer, St. Clair and Macomb counties.  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 at choiceone.com.

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SOURCE ChoiceOne Bank

FAQ

What recognition did ChoiceOne Bank receive?

ChoiceOne Bank was ranked as Michigan's Best Small Bank by Newsweek.

On what basis did Newsweek rank ChoiceOne Bank?

Newsweek assessed banks based on customer service, mobile app satisfaction, and interest rates.

What is the stock symbol for ChoiceOne Financial Services?

The stock symbol for ChoiceOne Financial Services is COFS.

How many assets must a bank have to be considered a Best Small Bank by Newsweek?

To be considered, a bank must have less than $10 billion in assets.