ChoiceOne Financial Services Inc. closed today on the $20.8 million acquisition of Community Shores Bank Corp.
The deal gives the Sparta-based ChoiceOne three offices in Muskegon County and one in Grand Haven in neighboring Ottawa County. The two banks will consolidate in the fourth quarter, when Community Shores branch offices will take on the ChoiceOne name.
“Our acquisition of Community Shores is a natural geographical and cultural fit for ChoiceOne and allows us to expand our community bank franchise further into West Michigan. Our combined company offers greater capacity and diversity for commercial and consumer lending as well as leading advancements in technology,” ChoiceOne CEO Kelly Potes said in a statement. “We believe ChoiceOne offers substantial opportunity for our collective communities, customers, and employees while adding significant value for our shareholders. ChoiceOne will offer small businesses and consumers in West and Southeast Michigan an extensive line of products and services delivered through an enhanced retail network including online, mobile and branch banking.”
ChoiceOne now has 33 offices in West and Southeastern Michigan with about $1.7 billion in total assets.
Donnelly Penman & Partners served as financial advisor to ChoiceOne and Warner Norcross + Judd LLP was legal counsel. ProBank Austin acted as financial advisor to Community Shores and Dickinson Wright PLLC served as legal counsel.