MICHIGAN CITY, Ind.--(BUSINESS WIRE)--
Horizon Bancorp (NASDAQ:HBNC) (“Horizon”), the parent of Horizon Bank,
N.A., (“Horizon Bank”) announces the completion of the acquisition of
Peoples Bancorp (OTC PINK:PBNI) (“Peoples”) and its wholly-owned
subsidiary, Peoples Federal Savings Bank of DeKalb County (“Peoples
Federal”), effective July 1, 2015. Peoples was merged into Horizon and
simultaneously Peoples Federal merged into Horizon Bank. As previously
announced, the bank resulting from the merger will operate under the
name Horizon Bank. Under the terms of the merger agreement, Peoples’
shareholders owning 100 or more shares will receive .95 shares of
Horizon common stock and $9.75 in cash for each share of Peoples common
stock they own. Shareholders owning fewer than 100 shares of Peoples
common stock will receive $33.14 per share in cash and will not be
entitled to receive any shares of Horizon common stock.
As part of this transaction, Horizon Bank will be adding fifteen new
branches that will expand its branch network to forty-six offices
throughout southern Michigan and Indiana. “We are pleased that many of
the familiar faces that Peoples’ customers have come to know will remain
with Horizon at their neighborhood branches,” 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. We are excited to partner with this team of
seasoned banking professionals,” continued Dwight.
Dwight further commented, “Horizon Bank will be adding value to the
communities and customers served by Peoples by broadening their product
line-up, which includes robust mobile and internet banking services;
advanced treasury management services for businesses; a wide range of
mortgage products; higher lending limits and service guarantees on loan
approvals.”
Maury Winkler former President and Chief Executive Officer of Peoples
Federal stated, “We look forward to working with Horizon – a company
that is both financially solid and totally committed to its customers
and the communities it serves. Our branch staff, business bankers and
agricultural lenders are pleased to continue to work for Horizon in
order to provide our customers with the personal service they are
accustomed to receiving plus the additional benefit of Horizon’s
expanded products and services.”
Winkler further stated that Horizon has pledged $50,000 per year over
the next five years in annual contributions to local not for profit
agencies within Peoples Federal’s communities. In addition, Horizon will
match employee contributions made to their local United Way dollar for
dollar.
Horizon Bank is finalizing integration plans that include a systems
integration that is expected to take place the weekend of September 26,
2015. As a result, on that date Peoples Federal 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.
Dwight further explained, “The addition of these fifteen new banking
offices positions Horizon well to continue its expansion efforts in
Indiana and Michigan.”
Horizon Bancorp was advised by Cummings & Company, LLC and the law firm
of Barack Ferrazzano Kirschbaum & Nagelberg LLP. Peoples was advised by
Keefe, Bruyette & Woods, Inc. a Stifel Company and the law firm of
Barnes & Thornburg LLP.
About Horizon Bancorp
Horizon Bancorp is a locally owned, independent bank holding company
serving northern and central Indiana and southwest and central 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 Select 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 it makes 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, 2014. 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150701005410/en/
Horizon Contact Information:
Craig M. Dwight
Chairman
and Chief Executive Officer
Phone: (219) 873-2725
or
Mark
E. Secor
Chief Financial Officer
Phone: (219) 873-2611
Fax:
(219) 874-9280
or
Peoples Contact Information:
Maurice
F. Winkler, III
President and Chief Executive Officer
Main
Office #: 260-925-2500
or
Steven H. Caryer
Senior Vice
President & Chief Financial Officer
Main Office #: 260-925-2500
Source: Horizon Bancorp