Federal Reserve Board Announces Approval of Proposal by ChoiceOne Financial Services, Inc.
February 12, 2025
The Federal Reserve Board (FRB) today announced its approval of a proposal by ChoiceOne Financial Services, Inc., Sparta, Michigan, to acquire Legacy Financial Services, Inc., Milan, Michigan.
The FRB received no comments on the proposal. The Board determined that the transaction would not have a significant effect on the concentration of banking resources in any relevant market and that it would be consistent with the convenience and needs of the communities to be served.
Following consummation of the transaction, the combined organization will have approximately $6.2 billion in assets, $4.8 billion in deposits, and 62 offices in Michigan.
ChoiceOne Financial Services, Inc. is the holding company for ChoiceOne Bank. Legacy Financial Services, Inc. is the holding company for Legacy Bank.
Approval of this transaction is subject to certain conditions, including approval by the Michigan Department of Insurance and Financial Services and the completion of satisfactory due diligence. The transaction is expected to close in the second quarter of 2025.
For media inquiries, please contact Lou Gagnon, Public Affairs Specialist, at 616-774-2342.
Federal Reserve Board announces approval of proposal by ChoiceOne Financial Services, Inc.
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