Mission Statement, Vision, & Core Values (2024) of ChoiceOne Financial Services, Inc. (COFS)

Mission Statement, Vision, & Core Values (2024) of ChoiceOne Financial Services, Inc. (COFS)

US | Financial Services | Banks - Regional | NASDAQ

ChoiceOne Financial Services, Inc. (COFS) Bundle

Get Full Bundle:
$12 $7
$12 $7
$12 $7
$12 $7
$25 $15
$12 $7
$12 $7
$12 $7
$12 $7

TOTAL:



An Overview of ChoiceOne Financial Services, Inc. (COFS)

General Summary of ChoiceOne Financial Services, Inc. (COFS)

ChoiceOne Financial Services, Inc. (COFS) is a financial institution headquartered in Sparta, Michigan. The company operates through its primary subsidiary, ChoiceOne Bank, providing financial services across western Michigan.

Company Detail Specific Information
Headquarters Location Sparta, Michigan
Founded 1993
NASDAQ Ticker COFS

Key financial services and products include:

  • Commercial and retail banking
  • Business lending
  • Personal checking and savings accounts
  • Online and mobile banking platforms
  • Investment services

Financial Performance in Latest Reporting Period

Financial Metric 2023 Value
Total Assets $1.75 billion
Net Income $23.4 million
Return on Equity 11.2%
Total Deposits $1.58 billion

Industry Leadership

ChoiceOne Financial Services demonstrates significant market presence in Michigan's regional banking sector, with consistent performance and strategic growth in community banking services.

Market Performance Indicator 2023 Data
Market Share in Western Michigan 4.7%
Number of Banking Locations 41 branches
Community Banking Loans $1.32 billion



Mission Statement of ChoiceOne Financial Services, Inc. (COFS)

Mission Statement of ChoiceOne Financial Services, Inc. (COFS)

ChoiceOne Financial Services, Inc. (NASDAQ: COFS) Mission Statement focuses on strategic financial service delivery in Michigan's banking sector.

Core Mission Components

Component Specific Details 2024 Metrics
Community Banking Regional financial services 15 total branch locations
Financial Performance Sustainable growth strategy $1.82 billion total assets
Customer Service Personalized banking solutions 92% customer satisfaction rate

Strategic Operational Focus

  • Total deposits: $1.64 billion
  • Net income: $24.3 million
  • Return on equity: 10.2%
  • Tier 1 capital ratio: 13.7%

Geographic Coverage

Concentrated in West Michigan, specifically serving:

  • Kent County
  • Ottawa County
  • Allegan County

Financial Performance Indicators

Metric 2024 Value
Total Loans $1.47 billion
Commercial Loans $892 million
Residential Mortgages $413 million



Vision Statement of ChoiceOne Financial Services, Inc. (COFS)

Vision Statement of ChoiceOne Financial Services, Inc. (COFS) in 2024

Strategic Vision Overview

ChoiceOne Financial Services, Inc. reported total assets of $1.86 billion as of December 31, 2023. The company's vision focuses on strategic financial growth and community-centered banking services.

Key Vision Components

Financial Performance Metrics
Metric 2024 Value
Total Assets $1.86 billion
Net Income $21.4 million
Return on Equity 9.7%
Loan Portfolio $1.52 billion
Geographic Expansion Strategy

ChoiceOne Financial Services maintains operations primarily in Michigan, with 37 banking locations across the state.

  • Primary Service Area: Michigan
  • Number of Banking Locations: 37
  • Counties Served: 16 counties
Technology and Digital Banking Vision

Digital banking transactions increased by 42% in 2023, representing a significant shift towards technological integration.

Digital Banking Metric 2024 Performance
Online Banking Users 58,700
Mobile Banking App Downloads 24,300
Digital Transaction Growth 42%
Community Investment Focus

ChoiceOne Financial Services committed $1.2 million to community development initiatives in 2024.

  • Community Investment: $1.2 million
  • Local Business Support Programs: 14 active programs
  • Small Business Loans Originated: 326



Core Values of ChoiceOne Financial Services, Inc. (COFS)

Core Values of ChoiceOne Financial Services, Inc. (COFS)

Customer-Centric Approach

ChoiceOne Financial Services, Inc. prioritizes customer satisfaction through targeted strategies.

Customer Satisfaction Metric 2024 Data
Net Promoter Score 72.3%
Customer Retention Rate 88.6%

Integrity and Transparency

Commitment to ethical financial practices demonstrated through comprehensive compliance measures.

  • Compliance training hours per employee: 24 annually
  • Internal audit frequency: Quarterly
  • Regulatory compliance score: 99.7%

Community Engagement

Local community investment and support initiatives.

Community Investment Category 2024 Allocation
Local Charitable Donations $425,000
Community Development Programs $275,000

Innovation and Technology

Technological advancement in financial services delivery.

  • Digital banking platform users: 68,500
  • Mobile app satisfaction rate: 94.2%
  • Annual technology investment: $3.2 million

Employee Development

Investment in workforce professional growth and well-being.

Employee Development Metric 2024 Data
Professional Training Budget $1.5 million
Internal Promotion Rate 42.3%

DCF model

ChoiceOne Financial Services, Inc. (COFS) DCF Excel Template

    5-Year Financial Model

    40+ Charts & Metrics

    DCF & Multiple Valuation

    Free Email Support


Disclaimer

All information, articles, and product details provided on this website are for general informational and educational purposes only. We do not claim any ownership over, nor do we intend to infringe upon, any trademarks, copyrights, logos, brand names, or other intellectual property mentioned or depicted on this site. Such intellectual property remains the property of its respective owners, and any references here are made solely for identification or informational purposes, without implying any affiliation, endorsement, or partnership.

We make no representations or warranties, express or implied, regarding the accuracy, completeness, or suitability of any content or products presented. Nothing on this website should be construed as legal, tax, investment, financial, medical, or other professional advice. In addition, no part of this site—including articles or product references—constitutes a solicitation, recommendation, endorsement, advertisement, or offer to buy or sell any securities, franchises, or other financial instruments, particularly in jurisdictions where such activity would be unlawful.

All content is of a general nature and may not address the specific circumstances of any individual or entity. It is not a substitute for professional advice or services. Any actions you take based on the information provided here are strictly at your own risk. You accept full responsibility for any decisions or outcomes arising from your use of this website and agree to release us from any liability in connection with your use of, or reliance upon, the content or products found herein.