SPARTA, Mich., Oct. 19, 2020 /PRNewswire/ -- ChoiceOne
Financial Services, Inc. (Nasdaq: COFS) ("ChoiceOne"), the parent
company of ChoiceOne Bank, today announced the successful
consolidation of its previously announced acquisition of Community
Shores Bank into ChoiceOne Bank. Community Shores Bank is now
renamed ChoiceOne Bank.
"We are pleased to close our merger of ChoiceOne Bank and
Community Shores Bank," said ChoiceOne CEO Kelly Potes. "Our teams at both banks have
worked diligently over the last 10 months to combine our banking
operations and make this transition as seamless as possible and
with limited disruption for our customers. Because of our similar
markets, the consolidation presents many efficiencies and new
growth opportunities in our expanded network into West Michigan."
On January 6, 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 July 1, ChoiceOne announced the completion of the
merger of Community Shores with and into ChoiceOne. The combined
organization is the 12th largest bank holding company in
Michigan based on asset size, with
approximately $1.7 billion in assets
and 33 offices across Michigan.
"Joining forces with ChoiceOne Bank presents a tremendous
opportunity for our customers, communities, employees and
shareholders," said Community Shores President and CEO Heather Brolick. "Our merger is a natural
geographical and cultural fit and allows us to extend our footprint
into Muskegon and Ottawa counties with advanced technology and
innovative services. It also gives us broader opportunities to
support our communities with increased donations and volunteer
hours complementing ChoiceOne's vision to be the best bank in
Michigan."
Brolick, who will remain with the combined bank as
ChoiceOne Senior Vice President and Head of Human Resources,
concluded, "We are honored to have representatives from the
Muskegon Lakeshore Chamber of Commerce, Gracious Grounds, Kids Food
Basket and Every Woman's Place join in our name change ceremony
today. We want this celebration along with our special donations to
reinforce the commitment we have to our communities."
About ChoiceOne
ChoiceOne Financial Services, Inc. is
a financial holding company headquartered in Sparta, Michigan and the parent corporation of
ChoiceOne Bank. Member FDIC. ChoiceOne Bank operates 33 offices in
parts of Kent, Ottawa, Muskegon, Newaygo, Lapeer, St.
Clair and Macomb
counties. ChoiceOne Bank offers insurance and investment
products through ChoiceOne Bank's subsidiary, ChoiceOne Insurance
Agencies, Inc. ChoiceOne Financial Services, Inc. common stock is
quoted on the Nasdaq Capital Market under the symbol "COFS." For
more information, please visit Investor Relations at ChoiceOne's
website at www.choiceone.com.
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SOURCE ChoiceOne Financial Services, Inc.