Horizon Bancorp To Acquire Wolverine Bancorp

(RTTNews) - Horizon Bancorp (HBNC) said that it agreed to acquire Wolverine Bancorp Inc. (WBKC) and its wholly-owned subsidiary, Wolverine Bank.

As per the terms of the merger agreement, shareholders of Wolverine will receive 1.0152 shares of Horizon common stock and $14.00 in cash for each share of Wolverine common stock, which based upon the June 13, 2017 Horizon closing price of $27.50 per share would result in an implied price of $41.92 per share of Wolverine common stock.

The transaction is expected to be completed by the late third quarter or early fourth quarter of 2017, subject to approval by bank regulatory authorities and the shareholders of Wolverine, as well as the satisfaction of other customary closing conditions.

Wolverine Bank will be merged into Horizon Bank, and the combined operations will be continued under the Horizon Bank name.