ChoiceOne Financial Services, the parent company of ChoiceOne Bank, has received the regulatory approval from the Federal Reserve Bank of Chicago to acquire Community Shores Bank.
The financial details of the transaction have not been disclosed.
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The move comes after ChoiceOne completed its previously announced consolidation of Lakestone Bank & Trust (LB&T) into ChoiceOne Bank.
Following the LB&T acquisition, ChoiceOne has nearly $1.4bn in assets with 29 offices in West and South-eastern Michigan in the US.
In January this year, ChoiceOne and Community Shores inked a definitive merger agreement pursuant to which ChoiceOne will acquire Community Shores as well.
Upon completion of this acquisition, the combined bank holding company will have nearly $1.5bn with 33 offices in West and South-eastern Michigan.
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By GlobalDataChoiceOne CEO Kelly Potes said: “We look forward to our pending acquisition with Community Shores Bank Corporation as we move closer to achieving our vision to be the best bank in Michigan.
“Our acquisition of Community Shores is a tremendous opportunity for our customers, communities, employees and shareholders and complements our vision to be the best bank in Michigan.”
Subject to the receipt of customary closing conditions and approval from Community Shores’ shareholders, the deal is expected to be completed in the second half of 2020.
