MICHIGAN CITY, Ind.--(BUSINESS WIRE)--
Horizon Bancorp (NASDAQ:HBNC) (“Horizon”), the parent of Horizon Bank,
N.A., announces the completion of the acquisition of SCB Bancorp Inc.
(“SCB”) and its wholly-owned subsidiary, Summit Community Bank,
effective April 3, 2014 through the merger that was initially announced
in November of 2013. Pursuant to the merger, SCB was merged into Horizon
and simultaneously Summit Community Bank was merged into Horizon Bank,
N.A. As previously announced, the banks will operate under the name
Horizon Bank.
As part of this transaction, Horizon Bank will be adding two new
branches thereby expanding its branch network to thirty-one offices
throughout Southern Michigan and Indiana. “We are pleased that many of
the familiar faces Summit customers have come to know will remain with
Horizon at their neighborhood branches in East Lansing and Okemos,
Michigan”, said Craig M. Dwight, Horizon Bank’s Chairman and Chief
Executive Officer. “Horizon has a closely held belief to hire and retain
local talent with similar community banking values. In that, we are
excited to partner with this team of banking professionals who share our
dedication to community banking and service.”
Mr. Dwight further commented that Horizon determined from its original
due diligence not to retain Summit’s residential mortgage lending team
known as the Home Loan Center. As a result, that business unit is being
discontinued. This decision was based on the cost structure and fixed
overhead of the business unit. Horizon did not include Summit’s
residential mortgage operation in its original financial analysis or
internal rate of return calculations. Dwight stated, “Horizon is
committed to residential mortgage lending and we will continue to serve
Summit's residential mortgage customers through Horizon's proven
mortgage delivery channels.”
John Abbott, former President and Chief Executive Officer of Summit
Community Bank stated, “We look forward to working with Horizon – a
company both financially solid and totally committed to its customers
and the communities it serves. Our branch staff and business lenders are
pleased to continue working for Horizon in order to provide our
customers with the personal service they are accustomed to receiving.”
The two companies are working on integration plans including a systems
integration which is expected to take place the weekend of April 26,
2014. As a result, customer accounts will automatically change to
Horizon accounts with no action required on the part of the customer.
Customer checks, debit cards, direct deposits, payments, and account
numbers will remain unchanged in order to make this transition as smooth
as possible for the customers.
Dwight further explained this merger gives Horizon Bank a growing
footprint in the southern Michigan market area, complementing its
current branches primarily located in southwestern Michigan. As
evidenced by this expansion into East Lansing, Michigan and the recent
opening of a loan production office in Grand Rapids, Michigan, Horizon
is poised to continue expanding throughout southern Michigan.
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.
Additional Information
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 its
Form 10-K. 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 Contact Information:
Craig M. Dwight
Chairman
and
Chief Executive Officer
Phone: (219) 873-2725
Mark E.
Secor
Executive Vice President and
Chief Financial Officer
Phone:
(219) 873-2611
SCB Contact Information:
John W. Abbott
President
and
Chief Executive Officer
Phone: (517) 664-1912
C.
Wayne Weaver
Senior Vice President and
Chief Financial Officer
Phone:
(517) 664-1912
Source: Horizon Bancorp