The board of directors of Wolverine Bancorp, the holding company for Wolverine Bank, has authorized a stock repurchase program. The Midland-based bank announced the company intends to repurchase up to 5 percent of its issues and outstanding shares, as many as 125,375 shares. The program permits shares to be repurchased in open market or private transactions, Wolverine Bank said. The bank said repurchases will be made at management's discretion, "at prices management considers to be attractive and in the best interests of both the company and its stockholders." Stock availability, general market conditions, the trading price of the stock, alternative uses for capital, and the company's financial performance will all be taken into price consideration, Wolverine said.
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