MICHIGAN CITY, Ind.--(BUSINESS WIRE)--
Horizon Bancorp (NASDAQ:HBNC) the parent company of Horizon Bank NA,
headquartered in Michigan City, Indiana, announced today it has closed
its acquisition of 1stMortgage of Indiana, Inc. effective
February 28, 2014. As previously announced, 1stMortgage of
Indiana, Inc. will operate under the name of Horizon Bank.
Located in Indianapolis, Indiana, 1stMortgage 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.
Forward Looking Statements
This press release may contain forward-looking statements regarding the
financial performance, business prospects, growth and operating
strategies of Horizon. For these statements, Horizon claims the
protections of the safe harbor for forward-looking statements contained
in the Private Securities Litigation Reform Act of 1995. Statements in
this press release should be considered in conjunction with the other
information available about Horizon, including the information in the
filings we make with the Securities and Exchange Commission.
Forward-looking statements provide current expectations or forecasts of
future events and are not guarantees of future performance. The
forward-looking statements are based on management’s expectations and
are subject to a number of risks and uncertainties. We have tried,
wherever possible, to identify such statements by using words such as
“anticipate,” “estimate,” “project,” “intend,” “plan,” “believe,” “will”
and similar expressions in connection with any discussion of future
operating or financial performance. Although management believes that
the expectations reflected in such forward-looking statements are
reasonable, actual results may differ materially from those expressed or
implied in such statements. Risks and uncertainties that could cause
actual results to differ materially include risk factors relating to the
banking industry and the other factors detailed from time to time in
Horizon’s reports filed with the Securities and Exchange Commission,
including those described in “Item 1A Risk Factors” of Part I of
Horizon’s Annual Report on Form 10-K for the fiscal year ended December
31, 2012. Undue reliance should not be placed on the forward-looking
statements, which speak only as of the date hereof. Horizon does not
undertake, and specifically disclaims any obligation, to publicly
release the result of any revisions that may be made to update any
forward-looking statement to reflect the events or circumstances after
the date on which the forward-looking statement is made, or reflect the
occurrence of unanticipated events, except to the extent required by law.
Horizon Bank, NA
James D. Neff, 219-874-9395
Executive
Vice President
or
Mark E. Secor, 219-873-2611
Chief
Financial Officer
or
1st Mortgage of Indiana, Inc.
Catherine
J. Strawn, 800-326-6359
President
or
J. Michael Strawn,
800-326-6359
Vice President
Source: Horizon Bancorp