SPARTA — Shares of ChoiceOne Financial Services Inc., the parent company of ChoiceOne Bank and Lakestone Bank & Trust, will begin trading Friday on The Nasdaq Capital Market under its present symbol “COFS.”
The Sparta-based ChoiceOne’s move from the OTC stock exchange to Nasdaq was planned with last fall’s $89 million merger with Lapeer-based County Bank Corp., the parent company of Lakestone Bank & Trust.
Executives expect the switch to create more liquidity in the trading of ChoiceOne shares.
“Listing our stock on Nasdaq is a significant milestone for ChoiceOne as we grow our franchise value,” ChoiceOne CEO Kelly Potes said in a statement. “We expect listing our stock on Nasdaq will make it more liquid and easier to buy and sell for shareholders. It should also allow our stock to be more visible to investors.”
ChoiceOne Chairman Paul Johnson called the change “a natural progression as we look to build long-term value for our shareholders.”
ChoiceOne Financial Services has 15 Lakestone and 14 ChoiceOne bank offices in western and eastern Michigan with $1.3 billion in assets. The two banks will integrate in the second quarter with all branches then carrying the ChoiceOne name.
The corporation in the second quarter also aims to close the proposed $21.9 million acquisition of Muskegon-based Community Shores Bank that has $204 million in assets and operates from three offices in Muskegon County and one in Grand Haven in neighboring Ottawa County. That deal is pending approvals from regulators and Community Shores shareholders.