Horizon to Acquire Mortgage Lender

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Michigan City-based Horizon Bancorp. (Nasdaq: HBNC) is purchasing 1st Mortgage of Indiana Inc. in Indianapolis. The deal is expected to close within the next month. Horizon Executive Vice President James Neff says the acquisition will expand the company's growing presence in central Indiana. February 10, 2013

News Release

MICHIGAN CITY, Ind. -- Horizon Bancorp (NASDAQ:HBNC) the parent company of Horizon Bank NA, headquartered in Michigan City, Indiana, announced today the signing of an asset purchase agreement to purchase all of the assets and assume certain liabilities of 1st Mortgage of Indiana, Inc. located in Indianapolis, Indiana.

Under the terms of the agreement, Horizon will purchase the assets of 1st Mortgage of Indiana in a 100% cash transaction. This transaction is expected to close within the next 30 days.

Horizon Bancorp is a community bank holding company headquartered in Michigan City, Indiana with total assets of $1.7 billion as of December 31, 2013. Horizon Bancorp’s wholly-owned subsidiary, Horizon Bank, still operates under its original charter, dating back to 1873, with a footprint of twenty-nine offices extending throughout northern and central Indiana as well as southwestern Michigan.

Located in Indianapolis, Indiana, 1st Mortgage of Indiana, Inc. is a mortgage lender specializing in conventional, Jumbo, FHA and VA Mortgage loans. Founded in 1994, 1st Mortgage of Indiana offers mortgage services to the greater Indianapolis market area from their single location at 9292 North Meridian Street.

Horizon Bank’s Executive Vice President, James D. Neff said, “We are extremely pleased to have this opportunity to expand our mortgage presence in the Indianapolis area. The addition of this team of mortgage experts, with their commitment to exceptional customer service, is a natural fit for our Company.”

Neff explained that this partnership provides an excellent opportunity to expand Horizon’s current market presence into the greater Indianapolis area. This expansion will complement Horizon’s growing footprint in Indianapolis, where Horizon recently opened a new full-service branch at 302 N. Alabama Street as well as announcing land acquisition in Carmel, Indiana for a proposed branch to be completed later in 2014.

The owners of 1st Mortgage of Indiana, Cathy and Michael Strawn, will remain and lead Horizon’s mortgage banking operations in Central Indiana – from Indianapolis and north of the city. Cathy Strawn, President of 1st Mortgage of Indiana said, “We are looking forward to becoming part of the Horizon Bank team and the added services we will be able to offer our customers.”

About Horizon Bancorp

Horizon Bancorp is a locally owned, independent, commercial bank holding company serving Northern and Central Indiana and Southwest Michigan through its commercial banking subsidiary Horizon Bank, NA. Horizon also offers mortgage-banking services throughout the Midwest. Horizon Bancorp may be reached online at www.horizonbank.com. Its common stock is traded on the NASDAQ Global Market under the symbol HBNC.

About 1st Mortgage of Indiana, Inc.

1st Mortgage is a full-service First Lien Mortgage Lender licensed by the Indiana Department of Financial Institutions offering all types of mortgage products including conventional, jumbo, FHA and VA, as well as many non-conforming and portfolio loan products. 1st Mortgage operates from a single location in Indianapolis, Indiana. 1st Mortgage of Indiana, Inc. may be reached online at www.firstmortgageindianaFe.com.

Source: Horizon Bancorp