In a deal first announced some four months ago, Horizon Bank has today announced completion of their takeover of Wolvering Bancorp of Midland, Michigan. With the completion of that acquisition finalized today, Horizon merges Wolverine Bank into Horizon, with both banks now operating under the Horizon brand.
Horizon Chairman and CEO Craig Dwight says, “This merger allows Horizon to extend our reach into Michigan while remaining true to our values as we partner with this like-minded institution.” Dwight adds, “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. This stems from their goal to preserve the values of community banking. 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.”
The companies will establish a local advisory board for the Great Lakes Bay Region to ensure it remains connected to, and informed about, trends and needs of the local community. Additionally, Eric P. Blackhurst, a Midland resident, was appointed to Horizon’s Board of Directors immediately after the closing. Dwight adds, “Eric will be a great addition to our board and will add considerable value given his local knowledge and corporate experience as Assistant General Counsel, Corporate and Financial Law for Dow Chemical Company.”
Dwight explained that the Wolverine merger provides an excellent opportunity to expand Horizon’s current market presence into Michigan’s Great Lakes Bay Region and Southeastern Michigan. This expansion also complements Horizon’s locations in East Lansing and Grand Rapids. Dwight says, “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.”
David H. Dunn has served as President and Chief Executive Officer of Wolverine Bank. He says, “We are excited about this partnership and we look forward to the new opportunities this brings to increase the depth of products and services we can offer to our customers, while providing significant value to our shareholders.” Dunn adds, “Importantly, Horizon shares our commitment to community banking and understands the value we provide to the communities we serve. We will keep our branches open and staffed by familiar, local professionals dedicated to our being a trusted financial partner in our communities.”
The combined companies are implementing integration plans that include a systems integration and signage change expected to take place the weekend of November 11,2017, at which point, customer accounts will automatically change to Horizon accounts. Customer checks, direct deposits, payments, and account numbers will remain unchanged in order to make this transition as smooth as possible.
Horizon was advised in the transaction by Raymond James & Associates, Inc. and the law firm of Barnes & Thornburg, LLP. Wolverine was advised by Keefe, Bruyette & Woods, Inc. and the law firm of Luse Gorman, PC.
Horizon Bancorp is an independent, commercial bank holding company serving northern and central Indiana, southwest and central Michigan, and central Ohio, with several branches in Berrien County as well. Horizon also offers mortgage-banking services throughout the Midwest. Horizon Bancorp can be reached online at www.horizonbank.com. Its common stock is traded on the NASDAQ Global Select Market under the symbol HBNC.
