Choiceone Financial Services Inc
ChoiceOne Financial Services, Inc. is a one-bank holding company registered
under the Bank Holding Company Act of 1956, as amended. The Company was incorporated
on February 24, 1986, as a Michigan corporation. The Company was formed to create
a bank holding company for the purpose of acquiring all of the capital stock
of ChoiceOne Bank (formerly Sparta State Bank), which became a wholly owned
subsidiary of the Company on April 6, 1987. The Company’s only subsidiary
and significant asset, is ChoiceOne Bank (the “Bank”). Effective
November 1, 2006, the Company merged with Valley Ridge Financial Corp. (“VRFC”),
a one-bank holding company for Valley Ridge Bank (“VRB”). In the
merger, the Company issued shares of its common stock in exchange for all outstanding
shares of VRFC. In December 2006, VRB was consolidated into the Bank. The Bank
owns all of the outstanding common stock of ChoiceOne Insurance Agencies, Inc.,
an independent insurance agency headquartered in Sparta, Michigan (the “Insurance
Agency”) and a 25% interest in West Shore Computer Services, Inc., a data
processing firm located in Scottville, Michigan.
The Company’s business is primarily concentrated in a single industry
segment - banking. The Bank is a full-service banking institution that offers
a variety of deposit, payment, credit and other financial services to all types
of customers. These services include time, savings, and demand deposits, safe
deposit services, and automated transaction machine services. Loans, both commercial
and consumer, are extended primarily on a secured basis to corporations, partnerships
and individuals. Commercial lending covers such categories as business, industry,
agricultural, construction, inventory and real estate. The Bank’s consumer
loan department makes direct and indirect loans to consumers and purchasers
of residential and real property. No material part of the business of the Company
or the Bank is dependent upon a single customer or very few customers, the loss
of which would have a materially adverse effect on the Company.
The Bank’s primary market area lies within Kent, Muskegon, Newaygo, and
Ottawa counties in Michigan in the communities where the Bank’s offices
are located. Currently the Bank serves these markets through twelve full-service
offices. The Company and the Bank have no foreign assets or income except for
foreign debt securities.