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ChoiceOne Bank Invests $1 Million to Build Affordable Housing in Michigan Communities

ChoiceOne Financial Services, Inc., and ChoiceOne Bank (NASDAQ: COFS) (“ChoiceOne”) are pleased to announce a $1 million investment to support affordable housing development in partnership with Cinnaire and the MBA Service Corporation (MBASC) 2023 Michigan Community Fund. Of the investment, $500,000 will support Union Suites 4 in Kent County and $500,000 will support Lawrence Park in Macomb County. These developments are part of ChoiceOne’s commitment to expand access to high-quality affordable housing, a key driver of economic mobility and family stability in Michigan.

“ChoiceOne has been an advocate for our communities for over 125 years,” said ChoiceOne CEO Kelly Potes. “As the local community bank, we are pleased to partner with Cinnaire and the MBA Service Corporation to provide more low-income housing in the communities we serve. These apartments will offer more opportunities for individuals and families to live and work in our communities keeping neighborhoods diverse and vibrant.”

Cinnaire and MBASC recently announced the closing of the partnership’s tenth affordable housing investment fund, generating $74 million to support the development and rehabilitation of multiple apartment communities across Michigan. These developments will provide more than 865 units of affordable housing to local communities. ChoiceOne has invested in six Michigan Community Funds for a total of $3.5 million sponsored by Cinnaire and MBASC as part of the Bank’s overall commitment to investing in the people and the communities they serve.

“Low-income housing investing allows banks to do well by doing good,” said Cinnaire Senior Vice President, Business Development, Pam Hetz. “Our partnership with the MBASC has supported thousands of affordable housing units across Michigan, creating positive impact for hundreds of families, seniors, and people with special needs. At a time when one in four households struggle to pay rent, preserving and developing affordable housing is more important than ever. We look forward to working with ChoiceOne to ensure Michigan residents have access to safe, affordable housing.”

“The MBASC is proud that Michigan Bankers Association member ChoiceOne has invested $1 million into the 2023 Midwest Community Fund,” stated MBA Service Corporation Senior Vice President Jill Verscheure. “Banks are an integral part of the communities that they are in by creating long-term positive changes for individuals and businesses. We are grateful for ChoiceOne’s passion for creating and improving affordable housing for people in their communities.”

“ChoiceOne has a history of helping the individuals and families in our communities succeed,” said ChoiceOne President Michael J. Burke, Jr. “Giving back is ingrained in our culture as a community bank. With our vision to provide superior service, quality advice and show utmost respect to everyone we meet, we truly care about serving others. Cinnaire and the MBA Service Corporation share our deep understanding and caring for our Michigan communities.”

About Cinnaire

Cinnaire is a nonprofit financial partner that supports community and economic revitalization initiatives through creative investments, loans, and development services. Since 1993, Cinnaire has invested $5.7 billion to develop 1008 housing communities in 10 states, providing 63,800 affordable apartment homes for more than 138,000 individuals and families and has provided community development loans to support the creation/retention of commercial, mixed-use, and community space. In its mission to change lives and transform neighborhoods into thriving communities, Cinnaire has helped to create or retain over 92,000 jobs and leverage $10 billion in economic impact.

About the Michigan Bankers Association Service Corporation

The MBA Service Corporation (MBASC) is a wholly owned subsidiary of MBA. The mission of MBASC is to develop, maintain, and provide access to quality products and services that will benefit MBA member banks and improve their competitive position and increase their profitability.

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 operates 35 offices in parts of Kent, Ottawa, Muskegon, Newaygo, Lapeer, St. Clair, Macomb, and Oakland counties. ChoiceOne is an approximately $2.6 billion-asset bank holding company making it the eighth 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

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