ChoiceOne Financial Services, Inc. (COFS): History, Ownership, Mission, How It Works & Makes Money

Ever wondered how a community bank navigates today's complex financial landscape while staying true to its roots? Let's dive into ChoiceOne Financial Services, Inc. (COFS), a Michigan-based financial holding company, that stands out with its impressive $2.7 billion in assets as of December 31, 2024. Keep reading to explore its journey, understand its ownership structure, and discover how it continues to serve its communities while making strategic moves in the banking sector.

ChoiceOne Financial Services, Inc. (COFS) History

ChoiceOne Financial Services, Inc. Founding Timeline

Year established

The company was established in 1898.

Original location

The original location was in Sparta, Michigan.

Founding team members

While specific names of the original founding team members are not widely publicized, the institution was founded by a group of local businessmen and community leaders in Sparta, Michigan, who recognized the need for a local financial institution.

Initial capital/funding

Information regarding the initial capital and funding is not readily available in historical records.

ChoiceOne Financial Services, Inc. Evolution Milestones

ChoiceOne Financial Services, Inc. Transformative Moments

• Strategic Mergers and Acquisitions: The merger with County Bank Corp. in 2019 and the acquisition of Lakestone Bank & Trust in 2024 significantly expanded ChoiceOne’s market presence and asset base. The Lakestone acquisition, in particular, increased assets to approximately $2.6 billion and broadened the company’s footprint across Michigan.
• Leadership Transition: The appointment of Kevin Thompson as CEO in 2020 marked a pivotal moment, with a focus on strategic growth and improved shareholder value.
• Adaptation to Market Changes: Over its history, ChoiceOne has adapted to various economic cycles and changes in the financial industry, including technological advancements and evolving customer needs.
• Focus on Community Banking: Maintaining a strong focus on community banking has been a consistent theme, emphasizing local relationships and personalized service.

To gain more insights into the investors and stakeholders behind ChoiceOne Financial Services, Inc., check out: Exploring ChoiceOne Financial Services, Inc. (COFS) Investor Profile: Who’s Buying and Why?

ChoiceOne Financial Services, Inc. (COFS) Ownership Structure

ChoiceOne Financial Services, Inc. features a mix of institutional, retail, and insider ownership, which influences its governance and strategic direction.

ChoiceOne Financial Services, Inc.'s Current Status

ChoiceOne Financial Services, Inc. is a publicly traded company, listed on the OTCQX market under the ticker symbol COFS. This means its shares are available for purchase by the general public, and the company is subject to certain regulatory requirements regarding financial reporting and corporate governance.

ChoiceOne Financial Services, Inc.'s Ownership Breakdown

As of the 2024 fiscal year, the ownership of ChoiceOne Financial Services, Inc. is distributed among various types of shareholders. Here's a breakdown:

ChoiceOne Financial Services, Inc.'s Leadership

The leadership team of ChoiceOne Financial Services, Inc. plays a crucial role in guiding the company's strategic initiatives and overseeing its operations. Key members and their roles include:

• Michael J. Burke, Jr.: Chairman
• Bernice K. Wilkinson: Director
• Paul A. Johnson: Director
• Julie A. Fream: Director
• David A. Pilgrim: Director
• Marvin J. DeRuiter: Director
• Kelly J. Potes: President, Chief Executive Officer, Director
• Thomas L. Lampen: Executive Vice President, Chief Financial Officer
• Adom Greenland: Executive Vice President, Chief Operating Officer

These individuals bring a wealth of experience and expertise to ChoiceOne Financial Services, Inc., contributing to the company's growth and stability. For more insights into ChoiceOne Financial Services, Inc.'s financial health, you might find this resource helpful: Breaking Down ChoiceOne Financial Services, Inc. (COFS) Financial Health: Key Insights for Investors

ChoiceOne Financial Services, Inc. (COFS) Mission and Values

The mission and values of ChoiceOne Financial Services, Inc. reflect its commitment to the communities it serves, its employees, and its shareholders, guiding its operations and strategic decisions.

ChoiceOne Financial Services, Inc. Core Purpose

Official mission statement

ChoiceOne Financial Services, Inc. doesn't have one single, official mission statement available in public sources as of April 2025. However, the company's dedication can be seen in its actions and goals. For more details, you can check out: Mission Statement, Vision, & Core Values of ChoiceOne Financial Services, Inc. (COFS).

Based on available resources, key aspects of their mission can be understood as:

• Supporting local communities through financial services and community involvement.
• Providing value to shareholders through sustainable financial performance.
• Fostering a positive and growth-oriented environment for employees.

Vision statement

As of April 2025, a specific, formally declared vision statement for ChoiceOne Financial Services, Inc. is not found in public disclosures. Nevertheless, the vision can be inferred from their strategic objectives and corporate activities:

• To be a leading provider of financial services in their chosen markets.
• To achieve sustainable growth and profitability.
• To be recognized as a trusted and valued partner in the community.

Company slogan/tagline

Information regarding a specific, official slogan or tagline for ChoiceOne Financial Services, Inc. is not readily available in public sources as of April 2025. Without a concrete slogan, the essence of the company's brand messaging can be gathered from its operational focus and community engagement:

• Emphasis on community partnership and local support.
• Commitment to providing personalized financial solutions.
• Focus on building long-term relationships with customers.

ChoiceOne Financial Services, Inc. (COFS) How It Works

ChoiceOne Financial Services, Inc. operates primarily as the holding company for ChoiceOne Bank, delivering comprehensive financial solutions to individuals, businesses, and communities across Michigan. The bank focuses on providing personalized services, leveraging local expertise to foster economic growth and stability in the regions it serves.

ChoiceOne Financial Services, Inc.’s Product/Service Portfolio

ChoiceOne Financial Services, Inc.’s Operational Framework

ChoiceOne Financial Services, Inc. focuses on:

• Community-Centric Banking: Building strong relationships with local customers and communities through personalized service and local decision-making.
• Diversified Financial Services: Offering a wide array of banking, lending, and wealth management products to meet diverse customer needs.
• Technology Integration: Investing in digital banking platforms and technologies to enhance customer convenience and operational efficiency.
• Risk Management: Employing robust risk management practices to safeguard assets and ensure financial stability.

ChoiceOne Financial Services, Inc.’s Strategic Advantages

ChoiceOne Financial Services, Inc. gains a competitive edge through:

• Local Market Expertise: Deep understanding of local markets and customer needs in Michigan.
• Customer-Focused Approach: Commitment to providing exceptional customer service and building long-term relationships.
• Strong Capital Position: Maintaining a solid capital base to support growth and withstand economic challenges. As of the fiscal year 2024, ChoiceOne reported total assets of $2.6 billion and total equity of $355.2 million.
• Strategic Acquisitions: Pursuing strategic acquisitions to expand market presence and enhance service offerings. For example, the acquisition of Community Shores Bank Corporation in 2019 significantly expanded ChoiceOne’s footprint in Western Michigan.

To gain more insights into the values that drive ChoiceOne Financial Services, Inc., explore Mission Statement, Vision, & Core Values of ChoiceOne Financial Services, Inc. (COFS).

ChoiceOne Financial Services, Inc. (COFS) How It Makes Money

ChoiceOne Financial Services, Inc. primarily generates revenue through traditional banking activities, focusing on attracting deposits and extending loans to individuals and businesses.

ChoiceOne Financial Services, Inc.'s Revenue Breakdown

As the availability of precise figures up to April 2025 is limited, the subsequent data represents the most recent insights based on the 2024 fiscal year. This overview offers a depiction of ChoiceOne Financial Services, Inc.'s revenue composition.

ChoiceOne Financial Services, Inc.'s Business Economics

ChoiceOne Financial Services, Inc.'s business economics are influenced by several key factors:

• Interest Rate Spread: The difference between the interest earned on loans and the interest paid on deposits is a critical driver of profitability. ChoiceOne aims to maximize this spread while managing interest rate risk.
• Loan Portfolio Composition: The mix of commercial, residential, and consumer loans affects the overall yield and risk profile of the loan portfolio. Diversification across loan types helps mitigate risk.
• Operating Efficiency: Managing operational costs, including salaries, technology, and real estate, is essential for maintaining profitability. Efficiency ratios, such as the efficiency ratio (operating expenses as a percentage of revenue), are closely monitored.
• Regulatory Environment: Banking regulations impact capital requirements, lending practices, and compliance costs. ChoiceOne must adhere to these regulations to maintain its banking license and operate effectively.

ChoiceOne Financial Services, Inc.'s Financial Performance

Analyzing ChoiceOne Financial Services, Inc.'s financial performance involves looking at key metrics that reflect its profitability, stability, and growth:

• Net Interest Margin (NIM): A key profitability metric, NIM measures the difference between interest income and interest expense as a percentage of earning assets. A higher NIM indicates greater profitability from lending activities.
• Return on Assets (ROA): This ratio indicates how efficiently ChoiceOne is using its assets to generate earnings. A higher ROA suggests better asset utilization.
• Asset Quality: Monitoring non-performing loans and loan loss reserves is crucial for assessing asset quality. Lower levels of non-performing assets indicate a healthier loan portfolio.
• Capital Adequacy: Regulatory capital ratios, such as the Tier 1 capital ratio, measure ChoiceOne's ability to absorb losses and maintain solvency. Strong capital ratios provide a buffer against economic downturns.

To gain more in-depth knowledge about ChoiceOne Financial Services, Inc.'s financial standing, explore this analytical piece: Breaking Down ChoiceOne Financial Services, Inc. (COFS) Financial Health: Key Insights for Investors

ChoiceOne Financial Services, Inc. (COFS) Market Position & Future Outlook

ChoiceOne Financial Services, Inc. is strategically positioned to leverage its community banking model for sustained growth, focusing on personalized service and local market expertise. The company faces both opportunities in expanding its digital services and challenges from increasing competition and regulatory changes.

Competitive Landscape

Opportunities & Challenges

Industry Position

ChoiceOne Financial Services operates as a community bank, primarily serving individuals, small businesses, and agricultural clients within its Michigan footprint. Key aspects of its industry position include:

• Local Focus: Strong emphasis on community involvement and personalized customer service.
• Relationship Banking: Building long-term relationships with customers through tailored financial solutions.
• Competitive Landscape: Navigating a competitive market with larger regional and national banks.
• Strategic Growth: Pursuing organic growth and strategic acquisitions to expand market presence.

For more insights into the company's guiding principles, explore the Mission Statement, Vision, & Core Values of ChoiceOne Financial Services, Inc. (COFS).