Horizon Bancorp Deals Moves Forward
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowMichigan City-based Horizon Bancorp (Nasdaq: HBNC) says it has closed on a deal for 1st Mortgage of Indiana in Indianapolis. The mortgage lender will now operate under the Horizon Bank name. Horizon Bancorp also says its merger with SCB Bancorp Inc. in Michigan is moving forward. It has been cleared by two key federal regulators.
That deal is expected to close in the second quarter.
March 3, 2014
News Release
MICHIGAN CITY, Ind. — Horizon Bancorp (NASDAQ:HBNC) the parent company of Horizon Bank NA, headquartered in Michigan City, Indiana, announced today it has closed its acquisition of 1st Mortgage of Indiana, Inc. effective February 28, 2014. As previously announced, 1st Mortgage of Indiana, Inc. will operate under the name of Horizon Bank.
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 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.
“We are very pleased with the cooperation and teamwork demonstrated throughout the transaction process that has moved very quickly,” said James D. Neff, Horizon’s Executive Vice President. “This merger provides an excellent addition to our growing footprint and commitment to Central Indiana. We believe our shared philosophies of exceptional customer service will also result in a strong shared culture that will serve us well, long into the future.”
1st Mortgage of Indiana, co-owners, 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 believe this merger opens many doors by broadening the menu of mortgage products and services we will be able to deliver to our customers, all supported by our shared values and complemented by the expanded branch network Horizon Bank offers.”
Under the terms of the agreement, Horizon purchased the assets of 1st Mortgage of Indiana in a 100% cash transaction with an additional cash earn-out.
To complement this new market presence, Horizon is poised to open a new office in Carmel, Indiana in late 2014 and recently opened a full-service office in downtown Indianapolis at the corner of New York and Alabama Streets.
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.
Source: Horizon Bancorp
February 28, 2014
News Release
MICHIGAN CITY, Ind. & EAST LANSING, Mich. — Horizon Bancorp (NASDAQ: HBNC, “Horizon”) and SCB Bancorp, Inc. (“SCB”), jointly announced that the Office of the Comptroller of Currency has approved, and the Federal Reserve Board has waived the approval requirement for, Horizon’s proposed acquisition of SCB and its banking subsidiary, Summit Community Bank.
“We are extremely pleased with the actions taken by the Office of the Comptroller of Currency and the Federal Reserve Board and that we have regulatory approval to complete the merger,” said Craig Dwight, Chairman and Chief Executive Officer of Horizon. “The fact that Horizon is on target to complete this merger by its original target date of the second quarter of 2014 is a testament to our strength and ability to move forward on important strategic partnerships.”
The transaction remains subject to approval by SCB’s shareholders as well as the satisfaction of other closing conditions. SCB will hold its special meeting of shareholders on March 25, 2014, at which the shareholders will vote on the proposed merger. The merger agreement provides that SCB will be merged into Horizon and simultaneously Summit Community Bank will be merged into Horizon’s banking subsidiary, Horizon Bank, N.A.
John Abbott, Summit Community Bank’s President and Chief Executive Officer stated, “We are pleased that the regulatory approval and waiver have been obtained and with the progress being made by both the Summit and Horizon integration teams. Both teams are working well together and are on schedule for the planned second quarter consummation of the transaction.”
Headquartered in East Lansing, Michigan, SCB, through its wholly-owned subsidiary Summit Community Bank, serves the greater Lansing area through two full-service banking locations and one mortgage center. As of December 31, 2013, Summit Community Bank had total assets of $160 million.
Horizon Bancorp is a community bank holding company headquartered in Michigan City, Indiana with total assets of $1.8 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.
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 SCB Bancorp, Inc.
SCB Bancorp, Inc. is a Michigan corporation headquartered in East Lansing, Michigan with Summit Community Bank as its wholly owned subsidiary. Founded in 2002, Summit Community Bank offers a full range of banking services with two branch locations and one mortgage center serving the greater Lansing, Michigan area. Summit Community Bank may be reached online at www.mysummitbank.com.
Additional Information
In connection with the proposed merger, Horizon has filed with the SEC a Registration Statement on Form S-4 that includes a Proxy Statement of SCB and a Prospectus of Horizon, as well as other relevant documents concerning the proposed transaction. Shareholders and investors are urged to read the Proxy Statement/Prospectus regarding the merger and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, because they will contain important information.
The proxy statement/prospectus and other relevant materials (when they become available), and any other documents Horizon has filed with the SEC, may be obtained free of charge at the SEC’s website at www.sec.gov. In addition, investors and security holders may obtain free copies of the documents Horizon has filed with the SEC by contacting Dona Lucker, Shareholder Relations Officer, 515 Franklin Square, Michigan City, Indiana 46360, telephone: (219) 874-9272 or on Horizon’s website at www.horizonbank.com under the tab “Investor Relations” and then under the heading “Information Requested”. The information available through Horizon’s website is not and shall not be deemed part of this press release or incorporated by reference into other filings Horizon makes with the SEC. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities.
Horizon and SCB and certain of their directors and executive o