Michigan City-based Horizon Bancorp (Nasdaq: HBNC) has announced the completion of its acquisition of Mentone-based Kosciusko Financial Inc. As part of the $22.5 million deal, Kosciusko and its subsidiary, Farmers State Bank, will merge into Horizon and its subsidiary, Horizon Bank.
Horizon says it has added five new branches as part of the transaction, bringing its network of branches to 50. Integration plans are being finalized with everything being complete by the end of the month.
Farmers State Bank customers will see their accounts automatically change to Horizon accounts. Horizon says there will be no action required by the customers with customer checks, debit cards, direct deposits, payments and account numbers will not be changed.
Horizon Chief Executive Officer Craig Dwight said Greg Maxwell, president and CEO of Farmers State Bank, will continue to assist in the transition until his retirement on December 31.
"Teaming up with the experienced banking professionals at Farmers State Bank has been a pleasure, said Dwight. "They are committed to their customers and the community which shows in all that they do."
Dwight said Maxwell’s local leadership role will be taken over by Lindy Breeden, who has worked for Farmers State Bank for 27 years. He will serve as market president for Kosciusko County.