Wolverine Bank finishes stock offering on NASDAQ

It's been an exciting 2011 for Wolverine Bank in Midland so far. Plans to offer the bank's stock publicly on the NASDAQ exchange came to completion, with the closing of the stock offering and the beginning of trading.

The stock is under the symbol WBKC, and is for the bank's holding company, Wolverine Bancorp, Inc. It began trading Jan. 20 after the stock offering became official.

Wolverine sold just over 2.5 million shares of common stock in the offering, at $10 per share, which included about 200,000 shares that went into a Wolverine Bank employee stock ownership plan.

David Dunn, president and CEO of Wolverine Bancorp, Inc. and Wolverine Bank, says the offering is in line with the bank's strategic goals.

"This was a team effort, and each of our customers, employees and directors shares in this success. We believe that this transaction will enhance our ability to do what we do best – serve customers in the Great Lakes Bay Region of Michigan and beyond," says Dunn."

The stock offering was part of a mutual to stock conversion approved by the bank's board in late December.

Wolverine Bank is headquartered in Midland and also has offices in Frankenmuth and Saginaw.

Writer: Sam Eggleston
Source: David Dunn, Wolverine Bancorp, Inc.