ChoiceOne Financial Services Inc. of Sparta (just north of Grand Rapids) today announced the successful completion of its previously announced consolidation of Lakestone Bank and Trust into ChoiceOne Bank.
Doubling in size as a result of the merger, ChoiceOne now is an approximately $1.4 billion-asset bank holding company with 29 offices in west and southeastern Michigan.
“We are pleased to complete this combination of ChoiceOne Bank and Lakestone Bank and Trust,” says Kelly Potes, CEO of ChoiceOne. “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.
“We now look forward to our pending acquisition with Community Shores Bank Corp. as we move closer to achieving our vision to be the best bank in Michigan.”
On May 14, 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 that merger, which still is subject to certain customary closing conditions, including, among others, receipt of the requisite approval by Community Shores’ shareholders.
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.
“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,” says 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.”
Currently, ChoiceOne is working with the families, businesses, and communities that are impacted by the coronavirus pandemic. ChoiceOne has taken 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,” says 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.”
