Horizon Bancorp would extend a little further into Michigan with the acquisition of a Midland-based community bank.

The Michigan City, Ind.-based Horizon Bancorp (Nasdaq: HBNC), which has 12 offices in Michigan, plans to acquire Wolverine Bancorp Inc. (Nasdaq: WBKC) in a cash-and-stock deal announced Wednesday and valued at about $88.2 million. Pending approval from regulators and Wolverine Bancorp shareholders, the deal could close late in the third quarter or early in the fourth quarter.

“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,” Horizon Chairman and CEO Craig Dwight said in a statement.

MICHIGAN CITY, Ind., June 13, 2017 -- Horizon Bancorp (NASDAQ:HBNC) announced today that its Board of Directors has approved an increase in its quarterly dividend from 11 cents to 13 cents per share. This represents an 18.2% increase and a dividend yield of 1.92% based on the price per share of $27.08 as of the close of business on June 12, 2017. The dividend will be paid on July 21, 2017 to shareholders of record on July 7, 2017.