Welcome to our dedicated page for Choiceone Finl Svcs news (Ticker: COFS), a resource for investors and traders seeking the latest updates and insights on Choiceone Finl Svcs stock.
ChoiceOne Financial Services, Inc. (NASDAQ: COFS) is a financial holding company and the parent of ChoiceOne Bank, a community-focused commercial bank headquartered in Sparta, Michigan. The COFS news page brings together the company’s official announcements, quarterly and annual financial results, merger updates, dividend declarations, and governance changes.
Recent news has highlighted the completion of the merger of Fentura Financial, Inc., the former parent company of The State Bank, with and into ChoiceOne, and the subsequent consolidation of The State Bank into ChoiceOne Bank. These developments expanded the organization to assets over $4 billion and 56 offices in West, Central and Southeast Michigan. News releases also provide detail on net interest margin trends, core loan growth, deposit mix changes, asset quality metrics, and the impact of merger-related expenses and accretion income from acquired loans.
Investors and observers can use this page to follow updates on ChoiceOne’s capital position, including references to the bank’s well-capitalized status, as well as announcements about cash dividends on the corporation’s common stock. Governance and leadership items, such as board retirements, new director appointments, and changes in board chair roles, are also reported through company news.
Because many of these announcements are also furnished to the U.S. Securities and Exchange Commission via Form 8-K, the news feed offers a convenient way to review ChoiceOne’s public communications in one place. Users interested in COFS can monitor this page for ongoing information about the company’s financial performance, strategic transactions, and community banking footprint in Michigan.
ChoiceOne Financial Services (NASDAQ: COFS) has declared a quarterly cash dividend of $0.28 per share for the first quarter of 2025. The dividend will be paid on March 31, 2025, to shareholders of record as of March 14, 2025.
This dividend maintains parity with the Q4 2024 payment and represents a $0.01 increase compared to Q1 2024. ChoiceOne operates through its subsidiary ChoiceOne Bank, with 36 offices across various Michigan counties, including Kent, Lapeer, Macomb, Muskegon, Newaygo, Ottawa, and St. Clair.
ChoiceOne Financial Services (NASDAQ: COFS) has received regulatory approval from the Federal Reserve System for its merger with Fentura Financial (OTCQX: FETM). The merger will create a combined organization headquartered in Sparta, Michigan, operating under the ChoiceOne name and brand. The transaction is expected to be effective on March 1, 2025, with bank consolidation following on March 14, 2025.
The merger will expand ChoiceOne's presence into several Michigan counties including Genesee, Jackson, Livingston, Ingham, Saginaw, Shiawassee, and Bay. Post-merger, ChoiceOne will become a $4.3 billion-asset bank holding company with 56 offices across West and Southeastern Michigan.
ChoiceOne Financial Services (NASDAQ:COFS) reported strong financial results for Q4 and full-year 2024. Net income reached $7.16 million in Q4 (up 35.3% YoY) and $26.73 million for 2024 (up 25.7% YoY). Core loans grew by $40.3 million in Q4 and $114.5 million for the year.
The company's GAAP net interest margin was 2.98% in Q4 2024, down from 3.17% in Q3 but up from 2.66% in Q4 2023. Deposits excluding brokered deposits increased by $79 million (3.8%) during 2024, despite a Q4 seasonal decline. Asset quality remained strong with only 0.27% nonperforming loans.
The company completed a stock sale of 1,380,000 shares in Q3 2024, raising $34.5 million. ChoiceOne maintains a strong capital position with a total risk-based capital ratio of 12.7%. The company is preparing for its pending merger with Fentura Financial and The State Bank, expected to close in Q1 2025.
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.