Horizon to Acquire Michigan Bank
Horizon Bank is headquartered in Michigan City.
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowMichigan City-based Horizon Bancorp (Nasdaq: HBNC) has announced plans to acquire Michigan’s Wolverine Bancorp Inc. (Nasdaq: WBKC) and its subsidiary, Wolverine Bank. Once the deal is approved, Wolverine Bank will merge with Horizon and continue to operate under the Horizon Bank name.
Per the terms of the merger agreement, Wolverine shareholders will receive 1.0152 shares of Horizon stock and $14 in cash for each share of Wolverine stock they own. The deal is subject to approval by Wolverine shareholders, as well as bank regulatory authorities and other customary closing conditions.
Horizon Chief Executive Officer Craig Dwight says the acquisition allows the bank to expand into Michigan’s Great Lakes Bay Region and complements its existing locations in East Lansing and Grand Rapids. He says he is enthusiastic about the merger.
"Wolverine Bank’s foundation is to contribute to the success of their customers by offering creative financial solutions based upon sound financial advice while being mindful of the communities they serve," said Dwight. "We expect that our complementary product offerings and commitment to the local communities will result in success for the shareholders of the combined company, employees, customers and communities at large."
Dwight says, once the merger is complete, Horizon will establish a local advisory board for the Great Lakes Bay Region. Additionally, one member of the Wolverine Board of Directors will be appointed to Horizon’s board.
The acquisition is expected to close by late third quarter or early fourth quarter 2017.