ChoiceOne Financial Services is a financial holding company headquartered in Sparta, Michigan and the parent corporation of ChoiceOne Bank. Member FDIC
ChoiceOne Financial Services, Inc. (Nasdaq: COFS) (“ChoiceOne”), the parent company of ChoiceOne Bank, today announced the successful completion of its previously announced consolidation of Lakestone Bank & Trust into ChoiceOne Bank.
“We are pleased to complete this combination of ChoiceOne Bank and Lakestone Bank & Trust,” said ChoiceOne CEO Kelly Potes. “Our teams have worked incredibly hard over the last 14 months to combine our banking operations and make this transition as seamless as possible with limited disruption for our customers. Because of our separate, but similar markets, the consolidation presents many efficiencies and new growth opportunities in our expanded network across Michigan.”
In March of 2019, ChoiceOne announced the merger agreement with County Bank Corp., then the parent company of Lakestone Bank & Trust. On October 1, 2019, County Bank Corp, was merged into ChoiceOne after receiving regulatory and shareholder approvals. Doubling in size as a result of the merger, ChoiceOne is now an approximately $1.4 billion-asset bank holding company with 29 offices in West and Southeastern Michigan.
“We now look forward to our pending acquisition with Community Shores Bank Corporation as we move closer to achieving our vision to be the best bank in Michigan,” said Potes.
On January 6, 2020, ChoiceOne and Community Shores Bank Corporation (“Community Shores”) announced the signing of a definitive merger agreement pursuant to which ChoiceOne will acquire Community Shores. On May 14, 2020, ChoiceOne received approval from the Federal Reserve Bank of Chicago, acting under authority delegated by the Board of Governors of the Federal Reserve System, to complete the merger. Completion of the merger is subject to certain customary closing conditions, including, among others, receipt of the requisite approval by Community Shores’ shareholders.
“Our acquisition of Community Shores is a tremendous opportunity for our customers, communities, employees and shareholders and complements our vision to be the best bank in Michigan,” said Potes. “Joining forces with Community Shores is a natural geographical and cultural fit for ChoiceOne. It allows ChoiceOne to extend our footprint into Muskegon and Ottawa Counties and enhance the commitment that both Community Shores Bank and ChoiceOne Bank have to our West Michigan customers and communities.”
Upon completion of the Community Shores acquisition, the combined company will create an approximately $1.5 billion-asset bank holding company with 33 offices in West and Southeastern Michigan, making it the 12th largest bank holding company in Michigan based on asset size. ChoiceOne expects to consolidate Community Shores Bank into ChoiceOne Bank in the second half of 2020.
“Naturally as community banks, our teams excel at customer relations and community service,” said ChoiceOne President Michael Burke, Jr. “Together with our excellent management teams and similar cultures, we have leveraged our best technology, most innovative services and lucrative products, and the most efficient operations from each bank to secure our infrastructure and enhance our growth going forward. Now spanning Southeast and West Michigan, ChoiceOne will offer our customers and our communities the best of the best.”
“Our priorities for the future will build on the momentum our organization has set in place over the years,” said ChoiceOne Chairman of the Board, Paul Johnson. “Given the coronavirus pandemic we are experiencing, we believe our additional scale will prove to be a great asset as we help our customers navigate these unprecedented times. We will maintain the strength and resilience we have built over the last 120 years and look forward to growth in our new markets as we bridge the East and West sides of Michigan.”
Currently, ChoiceOne is working with the families, businesses and communities that are impacted by the coronavirus pandemic. ChoiceOne has taken serious measures to keep customers and employees safe. “While we have a robust online banking platform available and a complete mobile banking app, all of our branch offices are open by appointment as well,” said Potes. “We are also working diligently with our customers on many fronts including counseling, deferred loan payments and the Paycheck Protection Program. The safety and wellbeing of our customers is our main focus as we move forward during these unusual times.”
Source: Company Press Release