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, Inc. and ChoiceOne Bank (NASDAQ: COFS) announced a transition to the domain choiceone.bank on January 23, 2023, enhancing digital banking security. This move aims to mitigate cyber threats and ensure stronger verification processes for customer interactions. The transition underscores the bank's commitment to protecting customer information against phishing and fraud, as the '.bank' domain is exclusive to verified banks, offering additional security features. Customers are encouraged to update their bookmarks and email contacts to the new domain.
ChoiceOne Financial Services, Inc. (NASDAQ: COFS) has enhanced its digital banking security by transitioning its website domain from choiceone.com to choiceone.bank on January 23, 2023. This move aims to reduce cyber threats by providing a more secure environment for customer interactions. The .bank domain offers visual authentication cues, ensuring that customers can easily verify the legitimacy of emails and websites, thus helping to prevent potential phishing attacks. ChoiceOne emphasizes customer security in every decision, aiming to deliver reliable digital banking services while prioritizing protection against identity theft and financial fraud.
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ChoiceOne Bank (NASDAQ: COFS) announces the addition of David Huisman as Vice President, Commercial Loan Officer, and the promotions of Josh Hucul, Jamie Sheffer, and Britney Herrygers. Huisman brings over 25 years of experience and will focus on commercial banking in the new Holland Loan Office. Hucul expands his role in lending technology, while Sheffer transitions to BSA and AML Investigator. Herrygers, as North Muskegon Branch Manager, will enhance customer service. ChoiceOne, with $2.4 billion in assets, operates across Michigan and offers diverse financial services.
ChoiceOne Financial Services, Inc. and its employees celebrated the impact of their Jean Day program, which raised funds for local nonprofits in 2022. Employees donate biweekly via paycheck deductions to support selected causes, promoting community engagement. Notable nonprofits benefited in both the West and East Markets, including Beautiful You by Profile and Habitat for Humanity. ChoiceOne, headquartered in Sparta, Michigan, is a significant player in the banking sector with approximately $2.4 billion in assets, recognized as one of America's Best Banks by Newsweek.
ChoiceOne Financial Services declared a cash dividend of $0.26 per share, payable to shareholders of record by December 15, 2022, and distributed on December 30, 2022. This reflects a $0.01 increase compared to previous dividends in the third quarter of 2022 and the fourth quarter of 2021. The company, a financial holding firm based in Sparta, Michigan, operates ChoiceOne Bank, which has 36 locations across several counties in Michigan. The stock is listed on NASDAQ under the symbol COFS.
ChoiceOne Financial Services (NASDAQ:COFS) reported net income of $5.81 million for Q3 2022, showing a slight increase from $5.75 million in Q3 2021. Diluted earnings per share rose to $0.77 from $0.75 year-over-year.
Core loans increased 19.6% annually, with total assets up $86.3 million since Q3 2021. Deposits grew by 7.2%. The bank plans to launch a new treasury services platform in 2023 and open a loan production office in Oakland County.
ChoiceOne Financial Services announces the retirement of Patrick A. Cronin from its Board of Directors, effective September 21, 2022. Cronin has served for nearly 30 years, contributing significantly to the organization. In his place, Michelle M. Wendling and Dr. Curt E. Coulter have been appointed to the board. Wendling is a Senior Director at PepsiCo, while Coulter is a physician with ties to community healthcare. ChoiceOne operates as a $2.4 billion asset bank holding company based in Sparta, Michigan, with 35 locations across various counties.
ChoiceOne Financial Services declared a cash dividend of $0.25 per share on its common stock. This cash dividend is payable on September 30, 2022 for shareholders of record as of September 15, 2022. The dividend remains consistent with the second quarter and third quarter dividends of 2021, showcasing the company’s stability in returning value to shareholders.
ChoiceOne Financial Services (NASDAQ: COFS) reported a net income of $5.615 million for Q2 2022, up from $5.043 million in Q2 2021. Diluted earnings per share increased to $0.75 from $0.65. Core loans grew by 23.8% annually, totaling $60.7 million, while total deposits rose 13.7% to $257.8 million year-over-year. However, total assets declined by $16.6 million from Q1 2022. The company plans to open a loan production office in Oakland County, MI, expanding its customer base.