ChoiceOne Financial Services, Inc. reports developments for ChoiceOne Bank, a Michigan financial holding company and community bank operator serving West, Central and Southeast Michigan. Recurring updates cover quarterly results, deposit trends, commercial and consumer lending, mortgage warehouse advances, securities activity, credit quality, liquidity management, Federal Home Loan Bank borrowings and interest rate swaps.
Company news also includes cash dividends on common stock, board governance changes, community banking programs, affordable housing grants and integration activity following the completed Fentura Financial merger and consolidation of The State Bank into ChoiceOne Bank. ChoiceOne Bank also offers insurance and investment products through ChoiceOne Insurance Agencies, Inc.
ChoiceOne Financial Services (NASDAQ: COFS) and DPT Solutions have partnered to offer Metriciti, a revolutionary commercial lending platform for community banks. Developed internally by ChoiceOne over four years, Metriciti has driven significant loan growth and is now available nationwide through DPT as the exclusive reseller.
Metriciti offers a customer-centric approach to lending with advanced data analytics, streamlined operations, and high security standards. It addresses the technology gap faced by smaller banks, providing an efficient solution that can scale with growth demands.
The platform has garnered strong market interest, with DPT handling sales, implementation, and support. ChoiceOne's leadership views Metriciti as a game-changer for community banks, offering a competitive edge in an increasingly challenging financial landscape.
ChoiceOne Financial Services and ChoiceOne Bank (NASDAQ: COFS) awarded 13 scholarships in their Annual ChoiceOne Scholarship Program. This initiative supports needs-based scholarships for graduating seniors in West and Southeast Michigan. Each scholarship recipient receives $1,000 for their first year at an accredited Michigan college. The winners, from 11 high schools, were selected based on essays detailing their community service experiences. Applications were accepted from January through March. The program aims to foster community involvement and support the education of future leaders.
ChoiceOne Financial Services announced a cash dividend of $0.27 per share, payable on June 28, 2024, to shareholders of record as of June 14, 2024.
This dividend is consistent with the first quarter of 2024 and $0.01 higher than the second quarter of 2023.
ChoiceOne Financial operates 35 offices across multiple counties in Michigan and offers insurance and investment products through its subsidiary, ChoiceOne Insurance Agencies.
The company's stock is traded on NASDAQ under the symbol 'COFS'.
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