SPARTA, Mich., Feb. 18, 2021 /PRNewswire/ -- ChoiceOne Financial
Services, Inc. (Nasdaq: COFS), the parent company of ChoiceOne
Bank, is pleased to announce ChoiceOne Financial Services, Inc.,
won the M&A Deal of the Year Award in the Finance/Banking
category.
The M&A Deal of the Year Award recognizes a company for
its dealmaking activity between July 1,
2019 through Dec. 31,
2020. The corporate deal awards highlight interesting,
strategic or challenging transactions that offer lessons, best
practices and insight into the local, national and regional
economy.
"We are honored to win the MiBiz Annual M&A
Deals & Dealmakers Award," said ChoiceOne CEO, Kelly J. Potes. "During the time frame of this
award, ChoiceOne had completed two bank mergers and consolidated
the two banks with and into ChoiceOne Bank. As a result of these
mergers, our assets have more than doubled to over $1.9 billion today, our employee base also grew
to approximately 378 as our community bank footprint now spans
Michigan. Our new scale allowed us
to quickly leverage our strengths when the COVID-19 pandemic began
in 2020 and continue to serve our customers with industry-leading
technology and sound, compassionate financial solutions."
From July 1, 2019 through
Dec. 31, 2020, ChoiceOne
completed these two bank mergers:
- ChoiceOne completed the strategic merger with County Bank
Corp., former parent company of Lakestone Bank & Trust, which
closed on October 1, 2019. In
May 2020, ChoiceOne completed the
consolidation of Lakestone Bank & Trust with and into ChoiceOne
Bank.
- ChoiceOne completed the strategic merger with Community Shores
Bank Corporation, former parent company of Community Shores Bank,
which closed on July 1, 2020. In
October 2020, ChoiceOne completed the
consolidation of Community Shores Bank with and into ChoiceOne
Bank.
With ChoiceOne's broader scale and employee base, the Bank was
able to process 1,284 Paycheck Protection Program (PPP) loans
totaling $163 million for customers
and noncustomers. These funded loans went back into the communities
ChoiceOne Bank serves helping businesses keep over 18 thousand
people employed in Michigan. ChoiceOne continues to serve its
communities during the COVID-19 pandemic helping to keep families
and small businesses thriving, which subsequently helps to provide
stability to Michigan's
economy.
This year is the eighth Annual MiBiz M&A Deal of the Year
Awards. The awards are selected by a panel of executives,
attorneys, investment bankers and others involved in the M&A
sector. In selecting winners, they pay close attention to the
strategic rationale for the deal as well as its effect on the
business and the results from the dealmaking.
"The last year and a half has certainly been amazing for
ChoiceOne," said Potes. "I must say, our expert teams worked
incredibly hard to combine our banking operations and make these
transitions as seamless as possible with limited disruption for our
customers. Now serving Southeastern
Michigan and expanding further into West Michigan, these consolidations present
many efficiencies and new growth opportunities in our expanded
network across our great state."
ChoiceOne is an approximately $1.9
billion-asset bank holding company with 34 offices,
employing approximately 378 employees in West and Southeastern Michigan, making it the
10th largest bank holding company in Michigan based on asset size.
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, named one of
America's Best Banks by Newsweek, operates 34 offices in
parts of Kent, Ottawa, Muskegon, Newaygo, Lapeer, St.
Clair and Macomb
counties. ChoiceOne Bank offers insurance and investment
products through its 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 choiceone.com.
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SOURCE ChoiceOne Financial Services, Inc.