ChoiceOne Financial Services Inc., the Sparta, Mich.-based parent company of ChoiceOne Bank and County Bank Corp., announced that the two entities have merged. Lapeer’s Lakestone Bank and Trust, part of County Bank Corp., is expected to be consolidated into ChoiceOne Bank in the second quarter of 2020.
The combined holding company is traded on the OTC Pink Open Market under the symbol “COFS” and is headquartered in Sparta, southeast of Muskegon.
Kelly J. Potes is CEO of ChoiceOne Financial Services Inc. and president and CEO of ChoiceOne Bank. Bruce J. Cady is chairman of Lakestone Bank and Trust and plans to retire on Dec. 31. He will remain as vice chairman of ChoiceOne Financial Services Inc.
“We are excited to complete our holding company merger and announce our leadership going forward,” says Potes. “As Bruce prepares to retire in December, we wish him well in his retirement. However, we are also very pleased that he will continue to provide his guidance as a director of ChoiceOne. We believe our combined companies will result in one exceptional organization presenting efficiencies and new growth opportunities in our expanded network across Michigan.”
Following completion of the merger, ChoiceOne is an approximately $1.3 billion-asset bank holding company with 29 offices in west and southeastern Michigan making it the 12th largest bank holding company in Michigan based on asset size.
“Now that our merger is complete, we look forward to positioning our combined organization as the premier community bank in Michigan,” says Cady. “Our vision is to bring together the best of both banks to benefit our shareholders, customers, employees and the communities we serve. As I prepare to retire, I know that because of our excellent collaborative efforts to merge our companies, we can expect limited overlap and disruption as we move forward. Our teams have become experts at leveraging our strengths and I am very proud of our collective efforts.”