The merger of two northern Indiana banks is moving closer to the finish line. Michigan City-based Horizon Bancorp (Nasdaq: HBNC) and LaPorte Bancorp Inc. (Nasdaq: LPSB) have received a key federal approval for the merger, which is slated to be complete next month.
Shareholders of the LaPorte Savings Bank parent must still sign off on the plans. A special meeting is scheduled for July 11 to decide.
Horizon Chief Executive Officer Craig Dwight says "we are very pleased to have received these regulatory approvals to complete the merger and that the approval process went smoothly and efficiently."
The merger agreement involves 65 percent of outstanding LaPorte Bancorp shares to be exchanged for Horizon common stock and 35 percent of outstanding LaPorte Bancorp shares to be exchanged for cash.
Last month, Horizon completed the $22.5 million acquisition of Mentone-based Kosciusko Financial Inc.