Michigan City-based Horizon Bank has entered into a definitive purchase agreement to acquire 14 TCF National Bank branches in 11 Michigan counties. Financial terms of the deal were not disclosed.
The transaction, which is expected to be completed by the end of the third quarter, is subject to regulatory approval and other customary closing conditions and adjustments.
“We are excited to welcome Horizon Bank’s newest employees and customers and introduce them to our record of exceptional service to consumers, small businesses, non-profits and municipalities across Michigan and Indiana,” said Chief Executive Officer Craig Dwight. “This financially and strategically attractive transaction is a logical extension of our efficient retail franchise, which is designed to further enhance our low-cost core deposit and funding capability to support loan growth in a recovering economy.”
Horizon says it expects to add more than 50,000 retail and small business customer accounts and the entire workforce of the acquired branches.
“We have a demonstrated history of integrating cultures, prioritizing community involvement and retaining seasoned local bankers, which continue to be key components to our future success,” added Dwight.
The transaction will be Horizon’s 15th acquisition since 2002 and fifth in the last five years. Horizon currently operates 74 bank branches, including 15 in Michigan.