Business
ChoiceOne Financial Services, Inc. Completes Successful Consolidation of ChoiceOne Bank and Lakestone Bank & Trust And Receives Regulatory Approval for Community Shores Bank Corporation Acquisition
SPARTA, Mich. and LAPEER, Mich., May 18, 2020 /PRNewswire/ -- ChoiceOne Financial Services, Inc. (Nasdaq: COFS) ("ChoiceOne"), the parent company of ChoiceOne
About this update from Choiceone Financial Services, Inc.
[{"type":"text","content":"SPARTA, Mich. and LAPEER, Mich., May 18, 2020 /PRNewswire/ -- 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. \n\n \n \n \n \n \n \n\n \n\"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.\"\nIn 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.\n\"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.\nOn 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. \n\"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 ...