Two Indiana Banks Detail Merger Agreement
MICHIGAN CITY and INDIANAPOLIS - Michigan City-based Horizon Bancorp Inc. (Nasdaq: HBNC) has announced the acquisition of Indianapolis-based Salin Bancshares Inc. The deal is valued at more than $135 million and, once complete, the resulting institution will operate under the Horizon name. The acquisition is expected to close in the first quarter of next year.
Horizon Chief Executive Officer Craig Dwight says "Horizon is enthusiastic about this merger, as it complements our current Indiana locations and provides entry into the attractive growth markets of Fort Wayne and Columbus, Indiana. In addition, Salin Bank's presence in Indianapolis and Lafayette, Indiana will add to Horizon's current footprint in these dynamic markets. We fully expect that our complementary product offerings and commitment to the local communities and employees will result in success for the shareholders of the combined company."
He adds Horizon will continue to focus on expansion in Indiana and Michigan and the acquisition fits well into strategic plans. Salin is considered the third-largest privately-held bank in the state. It has 20 banking centers and a presence in 10 counties. Horizon has 66 offices throughout Indiana and the Great Lakes Bay regions in Michigan.
Salin CEO James Alender calls the deal "a natural fit." He adds "this merger will provide Salin new opportunities to increase the depth of products and services we can offer to our customers, including higher lending limits, robust residential mortgage products, and enhanced mobile and internet banking. Salin has a wonderful history and commitment to excellence, which is our strength and the foundation under everything we do. This will be key in supporting the merger with Horizon."
You can connect to more about Horizon's acquisition of Salin by clicking here.