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SPARTA, MI - ChoiceOne Financial Services, Inc. (NASDAQ:COFS), the holding company for ChoiceOne Bank, has declared a quarterly cash dividend of $0.28 per share for the first quarter of 2025, maintaining the same amount as the previous quarter. Shareholders on record by March 14, 2025, will be eligible for the dividend, which is slated for payment on March 31, 2025. According to InvestingPro data, the company has maintained dividend payments for 31 consecutive years, with the current yield standing at 3.52%.
The current dividend matches the one disbursed in the last quarter of 2024 and is a slight increase from the $0.27 per share paid in the first quarter of the previous year. This announcement reflects the company’s consistent dividend policy. The $284.3 million market cap company has shown strong financial performance, with revenue growth of nearly 14% in the last twelve months and trades at a P/E ratio of 9.7.
ChoiceOne Financial Services, operating primarily in Michigan, provides a variety of banking services through its 36 offices located across several counties. The company also offers insurance and investment products via its subsidiary, ChoiceOne Insurance Agencies, Inc.
Investors and those interested in the company’s financial decisions may note this dividend declaration as an indicator of ChoiceOne’s financial health and commitment to providing shareholder value. The information for this news piece is based on a press release statement from ChoiceOne Financial Services, Inc.
In other recent news, ChoiceOne Financial Services Inc . received regulatory approval from the Federal Reserve for its merger with Fentura Financial, Inc. This merger, which was initially announced in July 2024, will result in Fentura being absorbed by ChoiceOne, with the latter continuing as the surviving corporation. Shareholders from both companies have also approved the merger, which is expected to close in the first quarter of 2025, pending regulatory approvals and customary closing conditions. The combined entity will become a bank holding company with approximately $4.3 billion in assets and 56 offices, making it the third-largest publicly traded bank holding company in Michigan by asset size.
ChoiceOne CEO Kelly Potes has expressed confidence in the merger’s potential to deliver significant value to shareholders, customers, and employees. Similarly, Fentura CEO Ronald Justice emphasized the combined strengths of the institutions and their commitment to community engagement. Forward-looking statements have been made regarding the merger’s potential benefits, though these are subject to various risks and uncertainties. Investors are advised to consider these risk factors when evaluating the merger’s implications. The merger is part of a broader trend of consolidation within the financial services industry, aiming to create stronger institutions.
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