Michigan-based Community Shores Bank integrates into ChoiceOne Bank
ChoiceOne Financial Services, the parent company of Michigan-based ChoiceOne Bank, has completed consolidation of its previously announced $20.88 million acquisition with Community Shores Bank.
Following this, Community Shores Bank has now been renamed as ChoiceOne Bank.
Kelly Potes – CEO of ChoiceOne said: “We are pleased to close our merger of ChoiceOne Bank and Community Shores Bank.
“Our teams at both banks have worked diligently over the last 10 months to combine our banking operations and make this transition as seamless as possible and with limited disruption for our customers. Because of our similar markets, the consolidation presents many efficiencies and new growth opportunities in our expanded network into West Michigan.”
In January 2020, ChoiceOne Financial Services signed the cash cum stock deal to acquire Community Shores Bank, based in Muskegon, Michigan. The acquisition was wrapped up in July to create an enlarged bank holding company with nearly $1.7 billion in assets and 33 offices across Michigan.
Community Shores Bank brought the combined banking company nearly $204 million in assets with four offices that cater to the Muskegon and Ottawa Counties.
Heather Brolick – Community Shores President and CEO said: “Joining forces with ChoiceOne Bank presents a tremendous opportunity for our customers, communities, employees and shareholders.
“Our merger is a natural geographical and cultural fit and allows us to extend our footprint into Muskegon and Ottawa counties with advanced technology and innovative services. It also gives us broader opportunities to support our communities with increased donations and volunteer hours complementing ChoiceOne’s vision to be the best bank in Michigan.”