Press Room

CHOICEONE FINANCIAL SERVICES, INC. COMPLETES ITS MERGER WITH VALLEY RIDGE FINANCIAL CORP.

11/01/2006 James A. Bosserd, President and CEO of ChoiceOne Financial Services, Inc. ("ChoiceOne"), and Richard L. Edgar, President and CEO of Valley Ridge Financial Corp. ("Valley Ridge"), announced today that ChoiceOne and Valley Ridge completed the merger of their organizations. As a result of the merger, shareholders of Valley Ridge will receive 8.5 shares of ChoiceOne common stock for each share of Valley Ridge common stock. Valley Ridge shareholders will receive cash in lieu of any fractional shares of ChoiceOne common stock. Information on how to exchange Valley Ridge common stock for ChoiceOne common stock is expected to be mailed to Valley Ridge shareholders on or about November 10, 2006. In addition, prior to the completion of the merger, Valley Ridge declared a special dividend to its shareholders that equaled, in the aggregate, $10 million or approximately $53.60 per share. This dividend will be paid on November 30, 2006 to Valley Ridge shareholders of record as of October 31, 2006. The total value of the transaction is approximately $38.5 million.

Mr. Bosserd stated, “We welcome Valley Ridge customers to ChoiceOne and look forward to offering new and existing customers a wide range of financial products and services. We are highly committed to the West Michigan communities we now serve and we are excited about the opportunities that we believe this merger presents for the combined organization."
According to Mr. Edgar, “ChoiceOne is a strong organization with a history of benefiting the communities that it serves. We believe the merger will benefit both our customers and the communities that we serve.”