GRAND RAPIDS — ChoiceOne Bank plans to open a lending office on West Fulton Avenue in downtown Grand Rapids.
The Sparta-based ChoiceOne will seek to take advantage of consolidation in the local banking industry. The office will offer commercial loans and residential mortgages.
“The banking industry has seen a lot of consolidations over the past few years and Grand Rapids has certainly seen its fair share. As the local community bank, we believe the families and businesses in Grand Rapids prefer the personal relationships ChoiceOne builds with our customers and the local support we provide to the communities we serve,” CEO Kelly Potes said in a statement.
The market most recently saw two key mergers of Founders Bank & Trust selling to Old National Bank and the acquisition by Chemical Bank of the The Bank of Holland’s parent company, Holland-based Lake Michigan Financial Corp.
ChoiceOne hired two market veterans, Troy Butler III and Bradley Henion, to staff the new loan office.
The bank’s parent company, ChoiceOne Financial Services Inc. (OTC: COFS) recorded 2015 net income of $5.7 million, or $1.74 per share, which compares to $5.69 million, or $1.72 per share, in 2014.
ChoiceOne has 12 branch offices in parts of Kent, Ottawa, Muskegon, and Newaygo counties and ended 2015 with record assets of $568 million.