ChoiceOne Bank


109 E Division St
Sparta, MI 49345
See all branch locations →

Notable Rates APY Vs.Others
Savings 0.01% 0.85% →
1-Year CD 0.15% 0.67% →
2-Year CD 0.25% 0.80% →
5-Year CD 0.85% 1.25% →
30-Year Mortgage 3.79% 2.72% →
15-Year Mortgage 3.31% 2.36% →
HELOC N.A. 2.79% →

2021 Overview

General Bank Information

ChoiceOne Bank is an FDIC insured institution located in Sparta, MI. It was founded in 1898 and has approximately $2.12 billion in assets. Customers can open an account at one of its 13 branches.

FDIC Insured Yes
FDIC Certificate # 1014
Date Established 1898
Assets $ 2.12 billion
Loans $ 1,009.52 million
Deposits $ 1,882.26 million
Capital $ 229.76 million

For a more detailed analysis of ChoiceOne Bank's financial condition and a description of what these numbers mean, please visit the Financial Details section.

Deposit Rates - December 2, 2021

Your Current Location: Virginia, VA 20146

Savings and Money Market Rates APY MIN MAX
0.01% $2,500 $4,999 Learn More
Money Market
0.01% $2,500 $2,999 Learn More
Money Market
0.03% $10,000 $14,999 Learn More
Money Market
0.03% $25,000 $29,999 Learn More
6 Mo CD
0.05% $10,000 $14,999 Learn More
6 Mo CD
0.05% $100,000 $199,999 Learn More
12 Mo CD
0.15% $10,000 $14,999 Learn More
12 Mo CD
0.05% $100,000 $199,999 Learn More
18 Mo CD
0.15% $10,000 $14,999 Learn More
18 Mo CD
0.15% $100,000 $199,999 Learn More
24 Mo CD
0.25% $10,000 $14,999 Learn More
24 Mo CD
0.25% $100,000 $199,999 Learn More
30 Mo CD
0.30% $10,000 $14,999 Learn More
30 Mo CD
0.30% $100,000 $199,999 Learn More
36 Mo CD
0.40% $10,000 $14,999 Learn More
36 Mo CD
0.40% $100,000 $199,999 Learn More
48 Mo CD
0.60% $10,000 $14,999 Learn More
48 Mo CD
0.60% $100,000 $199,999 Learn More
60 Mo CD
0.85% $10,000 $14,999 Learn More
60 Mo CD
0.85% $100,000 $199,999 Learn More

Int Checking Rates APY MIN MAX
Int Ckg
0.01% $1 $99 Learn MoreShow Less
Int Ckg
0.01% $2,500 $3,499 Learn MoreShow Less

Loan Rates - December 2, 2021

Your Current Location: Virginia, VA 20146

Home Equity Rates APR Rate Monthly Payment
Auto Loan Rates APR Rate Monthly Payment
6 Year 4.04% 3.74% $388.17
Refinance Mortgage Rates APR Rate Monthly Payment
Purchase Mortgage Rates APR Rate Monthly Payment

Monthly payments for mortgage products are based on a loan amount of $200,000. Home equity monthly payments are based on a loan amount of $50,000. Auto loan monthly payments are based on a loan amount of $25,000. Rates for each product are based on a variety of factors including credit score and loan amount. For specific requirements please check with the lender. Rates may change at any time.


ChoiceOne Bank branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.

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ChoiceOne Bank Locations

Climate Initiatives

ChoiceOne Bank is encouraged to provide us with this information. When we receive this information from the bank, we will provide it here.

Financial Details

ChoiceOne Bank Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of ChoiceOne Bank. The data is provided by the FDIC. All banks listed on are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.

Texas Ratio
ChoiceOne Bank U.S. Bank Average
0.92% 4.78%

The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its tangible common equity and its loan loss reserves. A lower Texas ratio indicates better coverage of problem loans. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank has to absorb its loan losses.

As of June 30, 2021, ChoiceOne Bank had $1,922,000 in non-current loans and $260,000 in owned real estate. To cover these potential losses it had $229,757,000 in equity and $7,950,000 in loans loss reserves. That gives it a Texas Ratio of 0.92%.

Return on Equity
ChoiceOne Bank U.S. Bank Average
9.89% 11.29%

ChoiceOne Bank has a Return on Equity of 9.89% versus the BestCashCow average of 11.29%. Return on equity measures how efficiently a bank is making money from its capital. A bank with a consistently high ROE can be considered well run. A bank with a consistently low ROE can be considered poorly run.

ChoiceOne Bank U.S. Bank Average
10.85% 11.72%

ChoiceOne Bank has a Capitalization of 10.85% versus the BestCashCow average of 11.72. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered.

ChoiceOne Bank Balance Sheet Analysis

As of June 30, 2021, ChoiceOne Bank had assets of $2,118,394,000, loans of $1,009,521,000, and deposits of $1,882,256,000. Long-term increases in deposits shows a bank's ability to raise funds to grow its loans and assets. Loan and asset growth may rise or fall depending on a bank's strategy for growth. Sharp rises and falls in assets, deposits, and loans can be problematic, indicating a loosening of lending standards, or financial distress leading to reduced lending. A big change in these figured can also be from a bank acquisition or merger.

Summary Balance Sheet

June 30, 2021
Cash & Balances due from depository institutions $ 95.32 million
Interest-bearing balances $ 64.41 million
Total securities $ 861.57 million
Federal funds sold and reverse repurchase N.A.
Net loans and leases $ 1,009.52 million
Loan loss allowance $ 7.95 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned $ 0.26 million
Goodwill and other intangibles $ 69.02 million
All other assets $ 52.73 million
     Total Assets $ 1,888.64 million
Total deposits $ 1,882.26 million
      Interest-bearing deposits $ 1,352.77 million
      Deposits held in domestic offices $ 1,882.26 million
      % insured (estimated) 70.87%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds $ 0.14 million
Subordinated debt N.A.
All other liabilities $ 6.24 million
      Total Liabilities $ 1,888.64 million
      Shareholders’ Equity $ 229.76 million

Summary Income Statement

June 30, 2021
Total Interest Income $ 31.07 million
Total Interest Expense $ 1.72 million
Net interest income $ 29.35 million
Provision for loan and lease losses $ 0.42 million
Total non interest income $ 9.84 million
Total non interest expense $ 25.47 million
Pre-tax Net Operating Income $ 13.30 million

Bank Loan Profile?

The top three loan types in ChoiceOne Bank’s loan portfolio are Commercial Real Estate, Commercial and Industrial Loans, and 1-4 Family Residential Loans.

Compared to other banks, ChoiceOne Bank’s loan portfolio does not show any specific loan specialty.

Note: Percentages may not sum to 100% due to rounding and double categorization of some loan types. All data from the FDIC. Additional information about this table.

Comparison to Other Banks
 Low   Med   High 
1-4 Family Residential Loans 19.83
Credit Card Loans 0.00
Consumer Auto Loans 2.07
Small Business Loans 14.67
Construction and Development Loans 4.87
Commercial Real Estate 37.17
Commercial and Industrial Loans 26.54
Farm Loans 0.92

Customer Reviews for ChoiceOne Bank

  • July 17, 2020

    Terrible experience trying to get a mortgage. I’ve got great credit, have gotten literally dozens of mortgages over the past 40 years. I completed an online application, waited a week and never heard anything. I then contacted the bank, was told that my loan had been assigned to a certain person, they were unavailable but I was asked to send an email to their processing assistant, which I did. I waited another week never heard anything no response to email no phone call. I then called the bank again and was told that they were sorry, and said a different person would be in touch. She did call the next day, and I followed up with some additional information. She was a complete idiot after going through some of the information she started spouting off all these guidelines and rules. And that I would not be able to get a mortgage. This is quite ridiculous and that the amount that I was requesting is about 1/2 of the value of the home ans about 1/30 of my net worth.
    Don’t waste your time, there are better options available.

  • May 21, 2020 |

    Hate banks, bankers, and any institutions that are like banks.
    Lakestone bank lied to us when they told us we could have a overdraft protected account. They charged us $35 over draft fee. Then gave it back when we flipped out on them. They then charged us a $35 fee to fix it.
    Covid makes it so we cant go to the bank and the shut it down and change it to Choice One which has a policy to charge $50 on all savings accounts. So they charged us $25 to open as Lakestone then 3 months later charge us $50 as the new bank policy. So I see it that they basicly stole $110 from me in 3 months time.
    Imagine how much money they made off everyone's savings accounts.

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