ChoiceOne Financial Services, Inc. operates as the bank holding company for ChoiceOne Bank, a chartered community bank that provides various banking services to corporations, partnerships, and individuals in Michigan. The company offers various deposit products, including time, savings, and demand deposits. It also provides commercial loans, such as business, industry, agricultural, construction, inventory, and real estate loans; consumer loans, including direct and indirect loans to consumers and purchasers of residential and real properties; and mortgage loans.
TypePublic
HQSparta, US
Founded1898
Size (employees)126 (est)
Websitechoiceone.com
ChoiceOne was founded in 1898 and is headquartered in Sparta, US
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Key People/Management at ChoiceOne

Kelly Potes

Kelly Potes

President & CEO
Lee Braford

Lee Braford

SVP Chief Credit Officer
Sheila Clark

Sheila Clark

SVP Human Resources Director
Adom Greenland

Adom Greenland

SVP Chief Operating Officer
Mary Johnson

Mary Johnson

SVP Operations / Cashier
Thomas Lampen

Thomas Lampen

SVP Chief Financial Officer
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ChoiceOne Office Locations

ChoiceOne has an office in Sparta
Sparta, US (HQ)
109 E Division St
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ChoiceOne Financials and Metrics

ChoiceOne Revenue

ChoiceOne's revenue was reported to be $28.19 m in FY, 2016 which is a 4.2% increase from the previous period.
USD

Revenue (Q2, 2018)

15.2m

Gross profit (Q2, 2018)

14.2m

Gross profit margin (Q2, 2018), %

93.8%

Net income (Q2, 2018)

3.5m

EBIT (Q2, 2018)

10.8m

Market capitalization (5-Oct-2018)

98.1m

Cash (30-Jun-2018)

11.9m
ChoiceOne's current market capitalization is $98.1 m.
Annual
USDFY, 2013FY, 2014FY, 2015FY, 2016

Revenue

27.1m28.2m

Revenue growth, %

4%

Cost of goods sold

990.0k969.0k

Gross profit

26.1m27.2m
Quarterly
USDQ2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q3, 2017Q1, 2018Q2, 2018

Revenue

6.7m6.8m6.8m7.1m7.2m6.9m7.3m15.2m

Cost of goods sold

253.0k246.0k241.0k247.0k236.0k306.0k385.0k392.0k937.0k

Gross profit

6.4m6.6m6.5m6.8m7.0m6.6m7.0m14.2m

Gross profit Margin, %

96%96%96%97%97%96%95%94%
Annual
USDFY, 2013FY, 2014FY, 2015FY, 2016

Cash

20.5m16.7m11.2m14.8m

Inventories

369.0m

PP&E

12.0m11.8m11.8m12.6m

Goodwill

13.7m13.7m13.7m13.7m
Quarterly
USDQ2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q3, 2017Q1, 2018Q2, 2018

Cash

15.4m12.4m12.6m13.5m12.6m11.3m12.7m14.0m11.9m

Inventories

335.9m343.0m351.3m357.2m362.6m373.3m394.1m386.4m395.9m

PP&E

11.8m11.9m12.0m11.9m12.4m12.5m12.3m13.3m13.6m

Goodwill

13.7m13.7m13.7m13.7m13.7m13.7m13.7m13.7m13.7m
Annual
USDFY, 2013FY, 2014FY, 2015FY, 2016

Net Income

5.1m5.7m5.7m6.1m

Depreciation and Amortization

927.0k986.0k986.0k1.1m

Cash From Operating Activities

10.4m7.5m4.0m10.9m

Purchases of PP&E

(40.7m)(41.8m)(70.9m)(69.5m)
Quarterly
USDQ2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q1, 2018Q2, 2018

Net Income

2.6m4.1m1.6m3.1m4.5m1.3m2.7m4.4m1.4m1.7m3.5m

Depreciation and Amortization

499.0k746.0k244.0k486.0k736.0k258.0k481.0k757.0k320.0k507.0k1.0m

Cash From Operating Activities

4.4m5.5m2.3m3.2m4.8m5.3m6.4m8.2m2.1m1.7m4.7m

Cash From Investing Activities

(17.3m)(27.9m)382.0k1.0m(9.5m)(12.5m)(21.5m)(30.6m)(13.6m)(1.4m)(12.8m)
USDY, 2018

Financial Leverage

8.3 x
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ChoiceOne Online and Social Media Presence

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ChoiceOne Blogs

Fake Check Scheme Targets Millennials

Fake Check Scheme Targets Millennials

ChoiceOne Bank Selected Most Innovative Community Bank in USA

ChoiceOne Bank is pleased to announce its selection as one of the country’s “Most Innovative Community Banks” from research conducted by the Independent Community Bankers of America® (ICBA), the nation’s voice for over 5,800 community banks. Twenty community banks were chosen throughout …

When Two Degrees Become One Successful Business

Entrepreneurs Abound

ChoiceOne Bank Nominated for Best Bank Marketing Videos in Country

The American Bankers Association (ABA) recently selected ChoiceOne Bank as one of five national finalists in the country for the annual ABA Bank Marketing Video Competition in the $500 Million – $1 Billion Asset Size category. ChoiceOne Bank currently reports assets at $630 million. Vot…

How Plinqit Changed the Way I View Savings

The day I signed up for Plinqit, I was skeptical. It was fun to set up my goal, choose my timeline and reward; but I was skeptical about reaching my goal, or that it would feel like a pointless way to save money. I had no idea that within a few months, I would be HOOKED.
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ChoiceOne Company Life and Culture

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