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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, Inc. (Nasdaq: COFS) announced advancements in financial services and technology aimed at enhancing customer experience. Key improvements include mobile banking with 2FA security, an online PPP loan portal, and integrated card controls. The bank was recognized as one of America's Best Banks by Newsweek and emphasizes maintaining personal relationships while leveraging technology. With approximately $1.9 billion in assets and 34 branches across Michigan, ChoiceOne aims to provide superior service and high-quality financial solutions.
On November 11, 2020, ChoiceOne Bank announced the appointment of Paul Michon as Vice President and Market Manager for their new Macomb Loan Office. This expansion into Macomb County aims to enhance service offerings and customer convenience for local businesses and families. The new office is set to open in November 2020, with a grand opening celebration on November 12. Michon brings 14 years of banking experience and extensive expertise in commercial lending, positioning the bank for growth in the Michigan market.
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.
ChoiceOne Financial Services (NASDAQ:COFS) reported a strong third-quarter performance for 2020, with net income of $3.8 million or $0.49 per diluted share, a significant rise from $1.0 million or $0.28 in Q3 2019. Adjusted for merger-related expenses, net income increased to $5.25 million or $0.67 per share. The bank's total assets grew to $1.8 billion, partly due to the County and Community Shores mergers, which bolstered its loan and deposit portfolios considerably.
Despite a provision for loan losses of $1.25 million in Q3, the overall financial health appears solid, demonstrating resilience amid the COVID-19 pandemic.
ChoiceOne Financial Services, Inc. (Nasdaq: COFS) has successfully completed the acquisition of Community Shores Bank, now rebranded as ChoiceOne Bank. This move enhances ChoiceOne's operational footprint in West Michigan, creating a combined organization that is the 12th largest bank holding company in the state, with approximately $1.7 billion in assets and 33 offices. The merger aims to provide better services and growth opportunities for customers and shareholders while supporting local communities through increased donations and volunteer efforts.
ChoiceOne Financial Services has declared a cash dividend of $0.20 per share on its common stock, payable on September 30, 2020 to shareholders of record as of September 15, 2020. This dividend matches the amounts paid in the previous two quarters of 2020 and the same quarter of 2019, reflecting consistent shareholder returns. The company operates several bank branches across Michigan and offers various financial services through its subsidiaries. The stock is listed on NASDAQ under the symbol COFS.
ChoiceOne Financial Services (NASDAQ:COFS) reported a strong financial performance for Q2 2020, with net income reaching $4.43 million, up from $1.49 million in Q2 2019. Diluted earnings per share (EPS) rose to $0.61 from $0.41. Excluding merger-related expenses, adjusted net income stood at $4.89 million or $0.67 per share. Total deposits surged 13.2% to $155.4 million, fueled by government stimulus and Paycheck Protection Program loans. Despite increased loan loss provisions due to COVID-19 impacts, ChoiceOne anticipates growth opportunities through recent mergers.
ChoiceOne Financial Services, Inc. (NASDAQ: COFS) has completed its merger with Community Shores Bank Corporation as of July 1, 2020. This strategic move positions the combined entity as Michigan's 12th largest bank holding company, with assets totaling approximately $1.7 billion and 33 offices statewide. Shareholders received $5.00 per share in cash or 0.17162 shares of ChoiceOne stock, valued at $20.88 million. This merger enhances ChoiceOne's lending capacity and technology offerings, while expanding its footprint in West Michigan.
ChoiceOne Financial Services, Inc. (NASDAQ: COFS) is now part of the Russell 2000 Index, announced on June 29, 2020. This addition highlights the company's growing market relevance as it expands its community bank operations in Michigan. As a $1.5 billion asset bank holding company, ChoiceOne operates 29 offices, making it the 12th largest bank holding company in Michigan by asset size. CEO Kelly Potes expressed optimism about the index inclusion, viewing it as a prestigious benchmark for the company.
ChoiceOne Financial Services (NASDAQ: COFS) and Community Shores Bank Corporation announced that Community Shores' shareholders approved a merger plan. The transaction, valued at approximately $1.7 billion, will consolidate the two entities into a bank holding company with 33 offices across West and Southeastern Michigan. ChoiceOne aims to enhance community service and customer experience through this merger. The integration of both banks is expected by the fourth quarter, establishing a stronger market presence as the 12th largest bank holding company in Michigan.
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