Another triple digit takover winner!

We added Wolverine Bancorp (WBKC)as a focus stock in April 2016 at just $18.50 a share. At the takeover price we have a total gain of over 220% in 1 year and 3 months. It is our 4th takeover in 2017 and the year is not even halfway over yet.The annualized retrns from our focus stock over the past two years is over 20% a year!

I have just one question for you. Why aren't you a member?

SIgn up here today and start be a part of the trade of the decade.

Horizon Bancorp (HBNC) (“Horizon”) and Wolverine Bancorp, Inc. (WBKC) (“Wolverine”), today announced they have executed a definitive agreement whereby Horizon will acquire Wolverine and its wholly-owned subsidiary, Wolverine Bank.

Under 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.

Originally chartered in 1933 and headquartered in Midland, Michigan, Wolverine, through its wholly-owned subsidiary Wolverine Bank, serves the Great Lakes Bay Region of Michigan with three full-service banking offices. Importantly, Wolverine services the State of Michigan with additional emphasis in the Metro Detroit, Greater Lansing, and Grand Rapids regions. As of March 31, 2017, Wolverine had total assets of approximately $379.3 million and total equity of $62.5 million, translating to an equity to asset ratio of 16.48%.

Horizon is a community bank holding company headquartered in Michigan City, Indiana with total assets of $3.2 billion as of March 31, 2017. Horizon’s wholly-owned subsidiary, Horizon Bank, NA (“Horizon Bank”), still operates under its original charter dating back to 1873, with fifty-nine offices extending throughout northern and central Indiana; southwestern and central Michigan and central Ohio. Horizon has filed an application with the Indiana Department of Financial Institutions to change charters from a national bank to a state non-member bank. We anticipate approval and completion for the charter conversion by the end of the second quarter of 2017.

“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 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.” Horizon also has a track record of establishing local advisory boards to ensure it remains connected to, and informed about, trends and needs of the local community. Dwight indicated that such an advisory board will be established for the Great Lakes Bay Region following the merger. In addition, one director from Wolverine’s Board will be appointed to Horizon’s board of directors immediately after the closing of the merger.

Dwight explained that the Wolverine merger provides an excellent opportunity to expand Horizon’s current market presence into Michigan’s Great Lakes Bay Region. This expansion also complements Horizon’s locations in East Lansing and its most recent full-service office opening in 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, “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. Importantly, Horizon shares our commitment to community banking and understands the value we provide to the communities we serve. 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.”

Posted to The Community Bank Invest... on Jun 14, 2017 — 10:06 AM
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