The combination of ChoiceOne and Community Shores will create a bank with $1.5bn in assets and 33 offices in Michigan

Kelly Potes, CEO

ChoiceOne Financial Services CEO Kelly Potes. (Credit: ChoiceOne Financial Services, Inc.)

ChoiceOne Financial Services, the parent company of ChoiceOne Bank and Lakestone Bank & Trust has signed an agreement to acquire Community Shores Bank..

ChoiceOne Financial holds $1.3bn in assets and has 29 offices serving West and Southeastern Michigan, while Community Shores is a $204m asset bank, with 4 offices serving Muskegon and Ottawa Counties in the state.

The transaction will combine ChoiceOne Financial and Community Shores,   creating a bank with $1.5bn in assets and with 33 offices in West and Southeastern Michigan.

ChoiceOne CEO Kelly Potes said: “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 Michigan customers and communities.”

After the deal’s closure, Community Shores Bank CEO and president, Heather Brolick, will be appointed as ChoiceOne Bank human resources senior vice president and Community Shores Bank chief lending officer, Brent McCarthy will be appointed as ChoiceOne Bank Muskegon Market vice president.

Brolick said: “With similar cultures, values and commitments to our local communities, this merger will allow both organizations to better serve our customers in Muskegon and Ottawa counties.

“Both ChoiceOne Bank and Community Shores Bank have deep roots in West Michigan. This merger will allow us to enhance our impact on the local community, as well as combine our service cultures and ChoiceOne’s technology enhancements to better serve our customers.”

Consolidation of Community Shores Bank with ChoiceOne Bank to take place in second half of this year

The transaction is subject to the satisfaction of customary closing conditions, including receipt of approval from Community Shores shareholders and receipt of regulatory approvals.

It is expected to close in the second quarter of this year.

Following the completion of the transaction, the consolidation of Community Shores Bank with and into ChoiceOne Bank is anticipated to take place in the second half of 2020.