Wolverine Bank (Bank), a wholly owned subsidiary of Wolverine Bancorp, Inc.
(Company), is a federally chartered savings bank headquartered in Midland, Michigan.
Wolverine Bank was originally chartered in 1933. We provide financial services
primarily to individuals, families and businesses in the Great Lakes Bay Region
of Michigan and to a lesser extent throughout all of Michigan through our two
banking offices located in Midland, Michigan, which is the County Seat of Midland
County, and our banking office in Frankenmuth, which is located in neighboring
Saginaw County. Midland, Michigan is located approximately 120 miles northwest
of Detroit and approximately 90 miles north of Lansing, Michigan, in the eastern
portion of Michigan’s lower peninsula.
Our business consists primarily of taking deposits from the general public and
investing those deposits, together with funds generated from operations and
borrowings, in commercial real estate loans including multi-family loans and
land loans, one-to-four family residential mortgage loans, construction loans,
and home equity loans and lines of credit and to a lesser extent, commercial
non-mortgage loans and consumer loans (consisting primarily of mobile home loans,
automobile loans, loans secured by savings deposits and other consumer loans).
We offer a variety of deposit accounts, including statement savings accounts,
certificates of deposit, money market accounts, commercial and consumer checking
accounts and retirement accounts, including health savings accounts.
We offer extended hours at our branch offices, and we are dedicated to offering
alternative banking delivery systems utilizing state-of-the-art technology,
including ATMs, online banking, remote deposit capture, telephone banking, and
mobile banking delivery systems.
Our principal lending activity is the origination of commercial mortgage loans
including multi-family and land loans, residential mortgage loans and home equity
loans, construction loans, and to a lesser extent, commercial non-mortgage loans
and other consumer loans. The following table provides a historical breakdown
of our loan portfolio at the end of each of our last five years.
We originate commercial real estate and multifamily loans secured primarily
by office buildings, strip mall centers, owner-occupied offices, hotels, condominiums,
apartment buildings and developed lots.
Commercial real estate loans generally carry higher interest rates and have
shorter terms than one-to-four family residential mortgage loans. Commercial
real estate loans, however, entail significant additional credit risks compared
to one-to-four family residential mortgage loans, as they typically involve
larger loan balances concentrated with single borrowers or groups of related
borrowers. In addition, the payment of loans secured by income-producing properties
typically depends on the successful operation of the related real estate project,
and thus may be subject to a greater extent to adverse conditions in the real
estate market and in the general economy. Also, if we make a land acquisition
loan on property that is not yet approved for the planned development, there
is the risk that approvals will not be granted or will be delayed.