ChoiceOne Financial Services (NASDAQ:COFS) said shareholders approved all proposals presented at its 39th Annual Shareholder Meeting, including the election of five directors, advisory approval of executive compensation and ratification of Plante & Moran, PLLC as the company’s independent registered public accounting firm for the year ending Dec. 31, 2026.
Greg McConnell, chairman of the board, opened the virtual meeting and said the format allowed the company to reach a greater number of shareholders. According to the meeting report, there were 14,956,917 shares of common stock entitled to vote as of the March 31, 2026 record date. A quorum was present, with at least 11.8 million shares represented virtually or by proxy, accounting for more than 79% of shares entitled to vote.
Shareholders approve director slate and other proposals
Shareholders also approved, on an advisory basis, the company’s executive compensation and ratified the selection of Plante & Moran, PLLC. ChoiceOne said it will report final vote results in a Form 8-K.
Management highlights growth and Michigan footprint
Mike Burke, president of ChoiceOne Financial Services and ChoiceOne Bank, said the company traces its roots back nearly 128 years to Sparta State Bank. Burke said ChoiceOne Bank now has $4.4 billion in assets, more than $3 billion in loans and deposits, and 54 locations throughout Michigan.
Burke said the company continues to focus on a relationship-based approach across retail, commercial and wealth customers while investing in technology. “We do and will continue to invest in making sure we deliver the big bank technology our customers want along with a community bank high touch customer experience,” Burke said.
Burke also reviewed the company’s history of acquisitions, including Valley Ridge, Lapeer County Bank and Trust, CSB or Capac State Bank, Farmers State Bank in Munith, Community State Bank and Community Shores. He said The State Bank, which joined ChoiceOne last year, has been “a wonderful addition,” citing its customer base, employees and directors.
ChoiceOne is also expanding its branch presence. Burke said the company is remodeling a building that will become its first full-service branch in the Troy market in Oakland County. He said the branch is expected to open later this year and will bring the ChoiceOne brand to Northern Oakland County.
2025 results boosted by larger scale
Kelly Potes, CEO of ChoiceOne Financial Services, said the company had a successful 2025, noting that it combined two 127-year-old banks and delivered a profitable year for shareholders. Potes said adjusted net income increased after removing one-time merger expenses, primarily because of the company’s larger size.
Potes said adjusted earnings per share in 2025 were 8.8% higher than in 2024. He also said ChoiceOne began 2026 with first-quarter earnings per share of $0.91.
The company’s dividend record was also highlighted. Potes said ChoiceOne has increased dividends to shareholders by 23% over the past five years, and its dividend yield stood at 3.8% as of Dec. 31, 2025. He said the ability to maintain and increase dividends reflects the company’s earnings strength.
Potes said the addition of Fentura Financial, the holding company of The State Bank, contributed to significant balance sheet growth. He said ChoiceOne, at almost $4.4 billion in assets, is now the fourth-largest publicly traded bank located in Michigan. He said the larger size allows the company to compete more effectively with regional and national banks while investing in talent and technology.
Community engagement and shareholder access
Burke said community involvement remains part of ChoiceOne’s culture. He said the company gave more than $604,000 in total donations last year to organizations and causes in its markets. ChoiceOne employees also donated more than 8,000 volunteer hours, according to Burke.
Management also pointed shareholders to upcoming opportunities to meet with bank leaders. Potes said meetings were scheduled at Thousand Oaks Golf Club in Grand Rapids and at the Lapeer Country Club on June 1.
No shareholder questions were submitted through the web portal during the meeting. Potes closed by thanking shareholders for their support and trust in the board, management and employees of the company.
About ChoiceOne Financial Services (NASDAQ:COFS)
ChoiceOne Financial Services, Inc is a bank holding company headquartered in Jackson, Michigan. Through its subsidiary, ChoiceOne Bank, it provides a full suite of banking and financial services to individuals, families, and businesses. The company’s primary operations are concentrated in community banking, spanning retail deposits, commercial and consumer lending, mortgage origination, and treasury management solutions.
ChoiceOne Bank offers checking and savings accounts, certificates of deposit, and online and mobile banking platforms designed to meet the needs of its customers.
