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Horizon Bancorp closes Wolverine Bancorp deal

Michigan City, Ind.-based Horizon Bancorp completed its acquisition of Midland, Mich.-based Wolverine Bancorp Inc., effective Oct. 17.

Wolverine Bancorp unit Wolverine Bank Federal Savings Bank has also merged with Horizon Bancorp unit Horizon Bank. The combined banks will operate under Horizon Bank.

As of June 30, Horizon Bank had $3.31 billion in assets, while Wolverine Bank had $387.2 million in assets.

Upon deal closing, Wolverine Bancorp's common stock was delisted on the Nasdaq Stock Market. Also, former Wolverine Bancorp director Eric Blackhurst joined the boards of Horizon Bancorp and its unit. The combined company will also establish an advisory board for the Great Lakes Bay region.

Raymond James & Associates Inc. acted as Horizon Bancorp's financial adviser, while Barnes & Thornburg LLP acted as its legal adviser. Keefe Bruyette & Woods Inc. served as financial adviser to Wolverine Bancorp, while Luse Gorman PC served as its legal adviser.