Pelican Financial Inc., Ann Arbor, Mich., has announced that the proposed spinoff of its wholesale mortgage banking subsidiary, Washtenaw Mortgage Co., has been cleared by the Securities and Exchange Commission.As of the close of business Dec. 31, Washtenaw will become a wholly owned subsidiary of a new public company, The Washtenaw Group, and Pelican stockholders will receive identical holdings in the mortgage company, Pelican said. From Dec. 22 to Dec. 31, Washtenaw Group shares will trade on a "when issued" basis to enable the market to establish the value of the spinoff, Pelican said. Pelican Financial will continue as the bank holding company for Pelican National Bank, a community bank based in Naples, Fla.
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