Bank making acquisition
A bank with a large presence in West Michigan plans to acquire a bank on the state’s east side.
Michigan City, Indiana-based Horizon Bancorp and Midland-based Wolverine Bancorp said yesterday they've signed a merger agreement.
Horizon would acquire Wolverine and its subsidiary Wolverine Bank if the merger is approved. Shareholders of Wolverine would receive $14 in cash for each share of common stock.
The merger is expected to be completed later this year.
The merger must be approved by bank regulatory officials and Wolverine shareholders.
Horizon’s reach in Michigan
“We are enthusiastic about this merger, as it allows Horizon to extend our reach into Michigan, while remaining true to our values as we partner with this like-minded institution,” said Craig Dwight, chairman and CEO, Horizon.
Wolverine was founded in 1933 and has offices in Midland, Frankenmuth and Detroit. Wolverine has assets of nearly $400 million.
“We believe that establishing a significant presence in these larger markets and regions of Michigan will provide Horizon with substantial growth opportunities, a key component to our future success,” Dwight said.
“New opportunities” for Wolverine
Wolverine Bank would be merged into Horizon's subsidiary, Horizon Bank.
“This partnership with Horizon Bank will provide us new opportunities to increase the depth of products and services we can offer to our customers, while providing significant value to our shareholders,” said David Dunn, president and CEO, Wolverine. “We have great history and pride in being a strong and trusted resource for our customers and communities, and we feel that will continue as we join together with Horizon.”
Horizon was advised by Raymond James & Associates and Barnes & Thornburg, while Wolverine was advised by Keefe, Bruyette & Woods and Luse Gorman.
Chartered in 1873, Horizon Bank has 59 offices throughout Indiana, Ohio and Michigan.
Horizon Bank has a number of Michigan locations: Battle Creek, Benton Harbor, East Lansing, New Buffalo, Grand Rapids, Okemos, Portage, Schoolcraft, St. Joseph, Three Oaks, Three Rivers and Union.
It has total assets of $3.2 billion.