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Wolverine Bank will assume the Horizon Bank name once all regulatory and other closing conditions are met – the merger is anticipated to close by late third or early fourth quarters 2017.
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The name change is anticipated to take place late in the fourth quarter at the same time we complete the data processing conversion.
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The team of experienced bankers at Wolverine Bank will continue to be led by Dave Dunn. In addition Rick Rosinski, John Schmitt, Brian Cherry and Jeremy Clark have agreed to stay with us to help lead these efforts. Dave, Rick and John are well-known to the customers and communities in the Great Lakes Bay Region; and Dave, Brian and Jeremy are well known in the Detroit Metro area. They will provide considerable experience and leadership as we continue to build upon the opportunities in the great state of Michigan.
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Wolverine Bank and Horizon Bank have comparable cultures and solid history of financial performance as recognized in their Bauer Financial Five-Star Ratings.
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Horizon will create a local community advisory board. This advisory board will assist Horizon in understanding the local economy, provide local market knowledge, assist with business development efforts and allocate donation dollars to local not for profit organizations.
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Horizon’s in-house lending limit is higher than Wolverine Bank’s lending limit and therefore will enhance the availability of credit to the local business, agricultural and governmental entities.
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Horizon will add value to Wolverine Bank’s customer base through an expanded branch network, treasury management and wealth and investment management services.
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Horizon is committed to grow the business, consumer, mortgage and agricultural lending in the Great Lakes Bay Region along with Greater Lansing, Oakland County and Grand Rapids regions.
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Customers will experience the same friendly employees at their favorite office location as all Wolverine Bank’s retail branch personnel will be retained, subject to completing Horizon’s standard background checks and drug screening.
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Horizon has considerable experience and success in merging and integrating community banks.
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The planned merger provides improved stock liquidity if needed, to Wolverine Bancorp’s shareholders given that Horizon’s average daily trading volume is over 60,000 shares.
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Wolverine Bank’s office locations help to expand Horizon’s reach into the Great Lakes Bay Region of Michigan.
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Dave Dunn will be named Market President of the Great Lakes Bay Region.
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Horizon has successfully integrated prior mergers.
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Horizon is a community bank focused on growth in the States of Indiana, Michigan and Ohio.
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Horizon has a long history of supporting local communities in the form of cash contributions, volunteerism and reinvestment within the communities we serve.
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Horizon’s focus is on retaining, hiring and promoting people from within local communities.
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Horizon does not provide forward looking financial information and therefore no comments will be made as related to earnings accretion, dilution to tangible book value per share or the payback period on tangible book value dilution.
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Wolverine Bank
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o Dave Dunn, President & CEO
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989-839-8760
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o Rick Rosinski, COO
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989-839-8771
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Horizon Bank
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o Craig M. Dwight, Chairman & CEO
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219-873-2725
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o Mark E. Secor, EVP & CFO
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219-873-2611
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