Sparta’s ChoiceOne Financial Services, the parent company of ChoiceOne Bank and Lakestone Bank and Trust, has signed an agreement to acquire Muskegon’s Community Shores Bank Corp., the parent company of Community Shores Bank. Details of the stock and cash transaction were not disclosed.
The combination will create an approximate $1.5 billion-asset bank holding company with 33 offices in west and southeastern Michigan. The deal is expected to close in the second quarter of 2020. It was approved unanimously by the boards of both companies.
ChoiceOne is a an approximate $1.3 billion-asset bank holding company with 29 offices in west and southeast Michigan. Community Shores is an approximately $204 million-asset bank holding company with four offices serving Muskegon and Ottawa counties.
“Joining forces with Community Shores is a natural geographical and cultural fit for ChoiceOne,” says Kelly Potes, CEO of 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 Michigan customers and communities.”
Heather Brolick, president and CEO of Community Shores Bank, will continue with ChoiceOne as its senior vice president of human resources. Brent McCarthy, chief lending officer of Community Shores, will serve as vice president – Muskegon market executive for ChoiceOne.
“With similar cultures, values, and commitments to our local communities, this merger will allow both organizations to better serve our customers in Muskegon and Ottawa counties,” says Brolick. “Both ChoiceOne Bank and Community Shores Bank have deep roots in west Michigan. This merger will allow us to enhance our impact on the local community as well as combine our service cultures and ChoiceOne’s technology enhancements to better serve our customers.”
ProBank Austin is serving as financial adviser, and Dickinson Wright PLLC is serving as legal counsel to Community Shores. Donnelly Penman and Partners is serving as financial adviser and Warner Norcross and Judd is serving as legal counsel to ChoiceOne.