Choiceone Financial Services Inc 8-K, filed Dec 6, 2021
Choiceone Financial Services Inc (COFS)
About this 8-K
Choiceone Financial Services Inc filed this 8-K on December 6, 2021, reporting on events of December 1, 2021.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
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CURRENT REPORT
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
On December 1, 2021, Paul L. Johnson tendered his retirement from the Board of Directors of ChoiceOne Financial Services, Inc. ("ChoiceOne"), effective as of December 25, 2021, in accordance with ChoiceOne's mandatory retirement requirement for members of the Board of Directors. There is no disagreement between ChoiceOne and Mr. Johnson known to an executive officer of ChoiceOne, as defined in 17 CFR 240.3b-7, on any matter relating to ChoiceOne's operations, policies or practices.
Mr. Johnson currently serves as the Chairman of the Board of ChoiceOne. On December 1, 2021, Jack G. Hendon was appointed as Chairman of the Board of ChoiceOne effective December 25, 2021, to fill the vacancy created by Mr. Johnson’s retirement.
On December 1, 2021, Bradley F. McGinnis was appointed to the Board of Directors of ChoiceOne, effective as of December 25, 2021, to fill the vacancy created by the retirement of Mr. Johnson, for a term that will expire at ChoiceOne's annual meeting of shareholders held in 2024.
Mr. McGinnis is the owner and president of MegaWall Corporation located in Comstock Park, Michigan, and currently serves as a member of the ChoiceOne Bank Board of Directors and as a member of ChoiceOne Bank's Executive and Loan Review Committee and Asset/Liability and Risk Committee. Mr. McGinnis previously served as a member of ChoiceOne's Board of Directors from October 2018 until ChoiceOne's merger with County Bank Corp. in October 2019.
Mr. McGinnis is not a party to any transaction, or series of transactions, required to be disclosed pursuant to Item 404(a) of Regulation S-K. There is no agreement, arrangement or understanding pursuant to which Mr. McGinnis was selected as a director. Mr. McGinnis will be entitled to receive compensation for his services as director consistent with the compensation paid to other directors as described in the Proxy Statement for ChoiceOne's 2021 annual meeting of shareholders.
| Item 7.01 | Regulation FD Disclosure |
On December 6, 2021, ChoiceOne issued the press release furnished with this Form 8-K as Exhibit 99.1. Exhibit 99.1 is furnished to, and not filed with, the Commission.
| Item 9.01 | Financial Statements and Exhibits |
| Exhibit No. | Exhibit |
| 99.1 | Press Release. This Exhibit is furnished to, and not filed with, the Commission. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: | December 6, 2021 | CHOICEONE FINANCIAL SERVICES, INC. (Registrant) | |
| By: | /s/ Thomas Lampen | ||
| Thomas Lampen Its Treasurer | |||
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EXHIBIT 99.1
FOR IMMEDIATE RELEASE
SPARTA, Mich., December 6, 2021 – It is with great appreciation that ChoiceOne Financial Services, Inc. (NASDAQ: COFS) (“ChoiceOne”) announces the retirement of Chairman Paul L. Johnson from the Boards of Directors of ChoiceOne and ChoiceOne Bank effective December 25. Effective upon Mr. Johnson's retirement, Jack G. Hendon has been appointed Chairman of both Boards of Directors, and Bradley F. McGinnis has been appointed to the ChoiceOne Board in addition to his service on the ChoiceOne Bank Board.
“It’s a poignant time for our company as we announce the retirement of our Chairman Paul Johnson,” said ChoiceOne CEO Kelly Potes. “It has been a pleasure to work with Paul over the years. I have enjoyed his friendship and business insight. Paul has guided ChoiceOne to strong growth and important milestones. We will miss his leadership and wise counsel. At the same time, we are honored to appoint Jack as our new Chairman and have Brad join our ChoiceOne Board. Both men are advocates for community banking and have provided the business acumen needed to help ChoiceOne grow our franchise value across Michigan.”
Paul L. Johnson is the owner and retired President of Falcon Resources, Inc. in Belmont, Michigan, a sales, engineering, and design firm for the automotive and furniture industries. He was appointed Chairman of the Board of Directors of ChoiceOne and ChoiceOne Bank in December 2013. Johnson served as Vice Chairman from July 2013 until December 2013 and has been a director of ChoiceOne and ChoiceOne Bank since July 1999. Johnson was also a director of ChoiceOne Insurance Agencies, Inc. from November 2000 through December 2006.
Jack G. Hendon is a Certified Public Accountant, Co-Founder, and Partner with H&S Companies, PC, an independently owned accounting and consulting firm. He is also a Partner in MH and Company LLC, HS&C Group LLC, Spartan Dawg Investments LLC, Dutch Dawg LLC, H&S Land Company LLC, and Brite Eyes Brewing LLC. Hendon has been a director of ChoiceOne and ChoiceOne Bank since August 2013. He serves as a director of the Spectrum Gerber Hospital Foundation Board and as a director and audit committee member of the Newaygo Area Promise Zone and is a former director and audit committee chair of Fremont Michigan InsuraCorp, which was a Securities and Exchange Commission ("SEC") reporting company.
Bradley F. McGinnis is the Owner and President of Mega Wall Corporation in Comstock Park, Michigan, a company that specializes in manufacturing and distribution of patented display systems, an Owner of KMJ Ventures, LLC, a real estate holding company, and an Owner and President of McGinnis & Associates, Inc., a company that brokers wood veneer products. McGinnis joined the ChoiceOne Bank Board in October 2018. McGinnis previously served as a member of ChoiceOne's Board of Directors from October 2018 until ChoiceOne's merger with County Bank Corp. in October 2019, during which time he served as a member of ChoiceOne’s Audit/Compliance/CRA Committee, Personnel and Benefits Committee, Asset/Liability and Risk Committee, and IT Committee.
“We wish Paul and his wife Judi a happy and healthy retirement as they move on to another exciting chapter in their lives,” said Potes. “Paul has been a remarkable Chairman and leader. We will miss his extensive business and entrepreneurial expertise. And again, we are pleased to welcome two more ChoiceOne leaders into new positions – Jack as our new Chairman and Brad as a member of our ChoiceOne Board. We believe we are well poised for growth as we move into 2022.”
About ChoiceOne
ChoiceOne Financial Services, Inc. is a financial holding company headquartered in Sparta, Michigan, and the parent corporation of ChoiceOne Bank. Member FDIC. ChoiceOne Bank, named one of America's Best Banks by Newsweek, operates 35 offices in parts of Kent, Ottawa, Muskegon, Newaygo, Lapeer, St. Clair, and Macomb counties. ChoiceOne is an approximately $2.1 billion-asset bank holding company making it the 10th largest bank holding company in Michigan based on asset size. ChoiceOne Bank offers insurance and investment products through its subsidiary, ChoiceOne Insurance Agencies, Inc. ChoiceOne Financial Services, Inc. common stock is quoted on the Nasdaq Capital Market under the symbol “COFS.” For more information, please visit Investor Relations at ChoiceOne’s website choiceone.com.
Contacts
Kelly Potes
ChoiceOne Chief Executive Officer
616-887-7366
kpotes@choiceone.com
Michael J. Burke, Jr.
ChoiceOne President
810.664.2977
michael.burke@choiceone.com
Source: ChoiceOne Financial Services, Inc.
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