Choiceone Finl Svcs Inc Stock Price, News & Analysis

ChoiceOne Financial Services (NASDAQ: COFS) announces key leadership changes in its Board of Directors. Chairman Jack G. Hendon will retire effective July 5, 2025, after serving since 2013 and as Chairman since 2021. Gregory A. McConnell, a director since 2019 with over 30 years of banking experience, will succeed as Chairman. Roxanne M. Page, a director since 2010 and CPA at Doeren Mayhew, has been appointed Vice Chairwoman.

Hendon, a CPA and co-founder of H&S Companies, P.C., is retiring under the company's mandatory retirement policy. McConnell brings extensive business and insurance experience, having previously served as Chairman of Capac Bancorp Inc. and as a State Farm Insurance Agent. Page's appointment leverages her substantial accounting and finance expertise.

ChoiceOne Financial completed its merger with Fentura Financial on March 1, 2025, significantly expanding its market presence. The merger added approximately $1.8 billion in assets, $1.4 billion in loans, and $1.4 billion in deposits to ChoiceOne's portfolio.

The company reported a net loss of $13.9 million for Q1 2025, compared to a net income of $5.6 million in Q1 2024. However, excluding merger-related expenses and provisions, net income was $9.3 million. The GAAP net interest margin improved to 3.43% from 2.67% year-over-year.

Key highlights include:

• Core loans grew organically by $40.1 million (10.6% annualized) in Q1 2025
• Strong asset quality with 0.01% net loan charge-offs to average loans
• Total assets reached $4.3 billion, up $1.6 billion from previous year
• Shareholders' equity increased to $426.9 million from $206.8 million

ChoiceOne Financial Services (NASDAQ: COFS) has successfully completed the consolidation of The State Bank into ChoiceOne Bank on March 14, 2025. This follows the March 1, 2025 merger of Fentura with ChoiceOne, creating a financial holding company with over $4 billion in assets and 56 offices across West, Central and Southeast Michigan.

Former Fentura CEO Ronald Justice, who will retire in April after serving since 2012, highlighted the merger's benefits for stakeholders and emphasized the natural geographical and cultural fit. Several senior officers from The State Bank will continue their employment with ChoiceOne Bank in various executive positions.

The consolidation, which took eight months to complete, aims to create efficiencies and new growth opportunities in Michigan's expanded network while maintaining seamless customer service.

ChoiceOne Financial Services (NASDAQ: COFS) has completed its merger with Fentura Financial effective March 1, 2025. The combined organization emerges as a significant bank holding company with over $4 billion in assets and 56 offices across Michigan.

The merged entity will be headquartered in Sparta, Michigan, with The State Bank's consolidation into ChoiceOne Bank scheduled for March 14, 2025. The consolidated bank will operate under the ChoiceOne name and brand, expanding its community bank franchise into Central and Southeastern Michigan.

The merger enhances ChoiceOne's commercial and consumer lending capabilities while advancing technological offerings. The combined organization aims to provide an extensive range of products and services through an enhanced retail network, including digital and branch banking solutions.

ChoiceOne Financial Services (NASDAQ: COFS) has declared a quarterly cash dividend of $0.28 per share for the first quarter of 2025. The dividend will be paid on March 31, 2025, to shareholders of record as of March 14, 2025.

This dividend maintains parity with the Q4 2024 payment and represents a $0.01 increase compared to Q1 2024. ChoiceOne operates through its subsidiary ChoiceOne Bank, with 36 offices across various Michigan counties, including Kent, Lapeer, Macomb, Muskegon, Newaygo, Ottawa, and St. Clair.

ChoiceOne Financial Services (NASDAQ: COFS) has received regulatory approval from the Federal Reserve System for its merger with Fentura Financial (OTCQX: FETM). The merger will create a combined organization headquartered in Sparta, Michigan, operating under the ChoiceOne name and brand. The transaction is expected to be effective on March 1, 2025, with bank consolidation following on March 14, 2025.

The merger will expand ChoiceOne's presence into several Michigan counties including Genesee, Jackson, Livingston, Ingham, Saginaw, Shiawassee, and Bay. Post-merger, ChoiceOne will become a $4.3 billion-asset bank holding company with 56 offices across West and Southeastern Michigan.

ChoiceOne Financial Services (NASDAQ:COFS) reported strong financial results for Q4 and full-year 2024. Net income reached $7.16 million in Q4 (up 35.3% YoY) and $26.73 million for 2024 (up 25.7% YoY). Core loans grew by $40.3 million in Q4 and $114.5 million for the year.

The company's GAAP net interest margin was 2.98% in Q4 2024, down from 3.17% in Q3 but up from 2.66% in Q4 2023. Deposits excluding brokered deposits increased by $79 million (3.8%) during 2024, despite a Q4 seasonal decline. Asset quality remained strong with only 0.27% nonperforming loans.

The company completed a stock sale of 1,380,000 shares in Q3 2024, raising $34.5 million. ChoiceOne maintains a strong capital position with a total risk-based capital ratio of 12.7%. The company is preparing for its pending merger with Fentura Financial and The State Bank, expected to close in Q1 2025.

ChoiceOne Financial Services (NASDAQ: COFS) and Fentura Financial shareholders have approved their merger at special meetings held on December 12, 2024. Fentura will merge into ChoiceOne, with the combined organization operating under the ChoiceOne name and headquartered in Sparta, Michigan. The merger will create a $4.3 billion-asset bank holding company with 56 offices across West and Southeastern Michigan, becoming the 3rd largest publicly traded bank holding company headquartered in Michigan. The transaction is expected to close in Q1 2025, pending regulatory approvals and customary closing conditions.

ChoiceOne Financial Services (NASDAQ: COFS) has declared a quarterly cash dividend of $0.28 per share, payable on December 31, 2024, to shareholders of record as of December 13, 2024. This represents a $0.01 increase from both the previous quarter and the same quarter last year.

The company operates through ChoiceOne Bank with 36 offices across various Michigan counties, including Kent, Lapeer, Macomb, Muskegon, Newaygo, Ottawa, and St. Clair. Additionally, it provides insurance and investment products through its subsidiary, ChoiceOne Insurance Agencies.