CHOICEONE FINANCIAL SERVICES Business Summary

ChoiceOne Financial Services Inc. (COFS) operates as the bank holding company for ChoiceOne Bank, primarily generating revenue through net interest income from its commercial, agricultural, and consumer loan portfolios, supplemented by non-interest income from mortgage banking and wealth management fees. The company’s business is organized into three primary segments: Community Banking, which provides traditional retail and commercial deposit and lending services; Wealth Management, offering trust and investment advisory; and Insurance, through its ChoiceOne Insurance Agencies subsidiary. Following its transformative 2025 merger with Fentura Financial, ChoiceOne has significantly scaled its Michigan footprint, particularly in the West and Southeastern regions. It competes directly with regional players such as Flagstar Bank, Nicolet Bankshares, and Bank First, positioning itself as a premier community-focused alternative with a robust asset base exceeding $4.4 billion. The leadership team is anchored by CEO Kelly J. Potes, a 40-year banking veteran and CFP who is a graduate of the Stonier Graduate School of Banking at Wharton. President Michael J. Burke, Jr., who joined the executive suite via the Lakestone merger, brings extensive industry pedigree as the Vice Chairman of the Independent Community Bankers of America (ICBA). Financial operations are overseen by CFO Adom J. Greenland, a former Senior Manager at PwC with an advanced degree from Michigan State University. The board is led by Independent Chairman Gregory A. McConnell, a former community bank chairman with over 30 years of governance experience. Founded in 1898, the company maintains a legacy of local service, now supported by a modern executive team and a significant institutional ownership base of approximately 20%.