The board of Midland, Mich.-based Wolverine Bancorp Inc. declared an annual cash dividend of $1.60 per common share, payable to shareholders of record as of Dec. 29. on or about Jan. 11, 2017.

The board also adopted a cash dividend policy whereby the company expects to pay a cash dividend to shareholders annually, according to a Form 8-K.

Wolverine Bank Federal Savings Bank is a subsidiary of Wolverine Bancorp.