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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 and ChoiceOne Bank (NASDAQ: COFS) awarded 13 scholarships in their Annual ChoiceOne Scholarship Program. This initiative supports needs-based scholarships for graduating seniors in West and Southeast Michigan. Each scholarship recipient receives $1,000 for their first year at an accredited Michigan college. The winners, from 11 high schools, were selected based on essays detailing their community service experiences. Applications were accepted from January through March. The program aims to foster community involvement and support the education of future leaders.
ChoiceOne Financial Services announced a cash dividend of $0.27 per share, payable on June 28, 2024, to shareholders of record as of June 14, 2024.
This dividend is consistent with the first quarter of 2024 and $0.01 higher than the second quarter of 2023.
ChoiceOne Financial operates 35 offices across multiple counties in Michigan and offers insurance and investment products through its subsidiary, ChoiceOne Insurance Agencies.
The company's stock is traded on NASDAQ under the symbol 'COFS'.
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