Horizon Bancorp Announces Closing of Wolverine Bancorp Merger
October 17 2017 - 08:00AM
Horizon Bancorp (NASDAQ:HBNC) (“Horizon”), the parent of Horizon
Bank, announces the completion of the acquisition of Wolverine
Bancorp, Inc. and its wholly-owned subsidiary Wolverine Bank
located in Michigan, effective October 17, 2017. Wolverine Bancorp,
Inc. merged into Horizon and, simultaneously, Wolverine Bank merged
into Horizon Bank. As previously announced, the combined banks will
operate under the name Horizon Bank.
“This merger allows Horizon to extend our reach into Michigan
while remaining true to our values as we partner with this
like-minded institution,” said Horizon’s Chairman and Chief
Executive Officer, Craig M. Dwight. “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. In
addition, Eric P. Blackhurst, a Midland, Michigan resident, was
appointed to Horizon’s Board of Directors immediately after the
closing. Mr. Dwight added, “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, Michigan. “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 commented.
David H. Dunn, President and Chief Executive Officer of
Wolverine Bank, stated, “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. 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.
About Horizon BancorpHorizon Bancorp is an
independent, commercial bank holding company serving northern and
central Indiana, southwest and central Michigan, and central Ohio.
Horizon also offers mortgage-banking services throughout the
Midwest. Horizon Bancorp may be reached online at
www.horizonbank.com. Its common stock is traded on the NASDAQ
Global Select Market under the symbol HBNC.
Forward Looking StatementsThis press release
may contain forward-looking statements regarding the financial
performance, business prospects, growth, and operating strategies
of Horizon. For these statements, Horizon claims the
protections of the safe harbor for forward-looking statements
contained in the Private Securities Litigation Reform Act of
1995.
Statements in this press release should be considered in
conjunction with the other information available about Horizon,
including the information in the filings we make with the
Securities and Exchange Commission. Forward-looking statements
provide current expectations or forecasts of future events and are
not guarantees of future performance. The forward-looking
statements are based on management’s expectations and are subject
to a number of risks and uncertainties. We have tried, wherever
possible, to identify such statements by using words such as
“anticipate,” “estimate,” “project,” “intend,” “plan,” “believe,”
“will” and similar expressions in connection with any discussion of
future operating or financial performance.
Although management believes that the expectations reflected in
such forward-looking statements are reasonable, actual results may
differ materially from those expressed or implied in such
statements. Risks and uncertainties that could cause actual results
to differ materially include risk factors relating to the banking
industry and the other factors detailed from time to time in
Horizon’s reports filed with the Securities and Exchange
Commission, including those described in its Form 10-K. Undue
reliance should not be placed on the forward-looking statements,
which speak only as of the date hereof. Horizon does not undertake,
and specifically disclaims any obligation, to publicly release the
result of any revisions that may be made to update any
forward-looking statement to reflect the events or circumstances
after the date on which the forward-looking statement is made, or
reflect the occurrence of unanticipated events, except to the
extent required by law.
Contact Information:
Craig M. DwightChairman and Chief Executive OfficerPhone: (219)
873-2725
Mark E. SecorChief Financial OfficerPhone: (219) 873-2611Fax:
(219) 874-9280
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