MICHIGAN CITY, Ind. & ATTICA, Ind.--(BUSINESS WIRE)--
Horizon Bancorp (NASDAQ: HBNC)(“Horizon”), the parent of Horizon Bank,
N.A., (“Horizon Bank”) announces the completion of the acquisition of
CNB Bancorp (“CNB”), parent company of The Central National Bank and
Trust Company (“Central National Bank & Trust”) of Attica, Indiana,
effective November 7, 2016. A subsidiary of Horizon was merged into CNB,
and then CNB was merged into Horizon. At the same time, Central National
Bank & Trust was merged into Horizon Bank. As previously announced, both
banks will operate under the name Horizon Bank.
As part of this transaction, Horizon Bank will add two new branches to
expand its branch network to fifty-six offices throughout northern and
central Indiana and southern Michigan. “We’re confident customers will
be pleased that the familiar faces they’ve come to know and trust will
remain with Horizon at these branches. Their commitment to their
customers shines through and truly shows in all that they do,” said
Craig M. Dwight, Horizon Bank’s Chairman and Chief Executive Officer.
William C. McAdams, former Chief Executive Officer of Central National
Bank & Trust stated, “We are pleased to join a company that instills the
same values as CNB has throughout the years. Horizon’s demonstrated
commitment to preserve community banking, retention of local staff,
commitment to community involvement, and personal service is why we
trust Horizon will serve our customers and local communities just as we
have.”
Dwight further commented, “Horizon looks forward to the enhancements the
Central National Bank & Trust’s customer base will experience through
our extensive product and service offerings, and on-line banking
services, as well as higher lending limits and cash management tools to
better serve the business and agricultural communities.”
Horizon is pleased to name a life-long resident of the community, Sherri
McGraw, as local Market President. “I look forward to all of the new
opportunities Horizon will bring to Attica where I can continue to
personally serve the banking needs of my local community,” commented Ms.
McGraw.
The companies are finalizing integration plans that include a systems
integration and sign change expected to take place the weekend of
December 3,2016. As a result, customer accounts will
automatically change to Horizon accounts with no action required on the
part of the customer. The terms and conditions of existing deposit and
loan accounts are expected to remain unchanged. In nearly all cases
customer checks, direct deposits, payments, and account numbers will
also remain unchanged in order to make this transition as smooth as
possible.
Horizon Bancorp was advised by the law firm of Barnes & Thornburg LLP.
CNB Bancorp was advised by the law firm of SmithAmundsen, LLC and the
investment banking firm of Renninger & Associates, LLC.
About Horizon Bancorp
Horizon Bancorp is a locally owned, independent, commercial bank holding
company serving northern and central Indiana and southwestern 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 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, 2015. 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/20161107005236/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
Sherri L. McGraw
Market President -
Attica
Phone: (765) 762-2414
Source: Horizon Bancorp