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
Kosciusko Financial, Inc. (Privately Held “Kosciusko”), and its
wholly-owned subsidiary, Farmers State Bank, of Mentone, Indiana,
effective June 1, 2016. Kosciusko was merged into Horizon and
simultaneously Farmers State Bank into Horizon Bank. As previously
announced, the banks will operate under the name Horizon Bank.
As part of this transaction, Horizon Bank added five new branches to
expand its branch network to fifty offices throughout northern and
central Indiana and southern Michigan. “We’re confident customers will
be pleased that many of the familiar faces they’ve come to know and
trust will remain with Horizon at their local branches. Teaming up with
the experienced banking professionals at Farmers State Bank has been a
pleasure. They are committed to their customers and the community which
shows in all that they do,” said Craig M. Dwight, Horizon Bank’s
Chairman and Chief Executive Officer.
Greg Maxwell, President and Chief Executive Officer of Farmers State
Bank, stated, “We are pleased to team up with a company that instills
the same values as Farmers State Bank has throughout the years. Horizon
is a solid company committed to its customers and local communities.”
“Mr. Maxwell will continue to assist with this transition through his
retirement date of December 31, 2016. To further solidify our shared
philosophies of exceptional customer service and commitment to community
banking, Mr. Maxwell is happily passing on the local leadership role to
27-year Farmers State Bank veteran, Lindy Breeden,” continued Dwight.
Breeden has been named Market President for Kosciusko County. In
addition, Horizon will establish a Kosciusko County advisory board to
maintain the pulse of the community.
Dwight further commented, “Horizon Bank will add value to the customers
served by Farmers State Bank by broadening their product line-up which
includes robust mobile banking 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.”
The companies are finalizing integration plans that include a systems
integration and sign change expected to take place the weekend of June
25,2016. 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.
Horizon was advised by Raymond James & Associates, Inc. and the law firm
of Barnes & Thornburg, LLP. Kosciusko was advised by Austin Associates,
LLC and the law firms of Rockhill Pinnick LLP and Shumaker, Loop &
Kendrick, LLP.
About Horizon Bancorp
Horizon Bancorp is a locally owned, independent, commercial bank holding
company serving northern and central Indiana and southwest and central
Michigan through its commercial banking subsidiary Horizon Bank, N.A.
Horizon also offers mortgage-banking services throughout the Midwest.
Horizon may be reached online at www.horizonbank.com.
Its common stock is traded on the NASDAQ Global Select Market under the
symbol HBNC.
About Kosciusko Financial, Inc.
Kosciusko Financial, Inc. is an Indiana corporation headquartered in
Mentone, Indiana with Farmers State Bank as its wholly-owned subsidiary.
Farmers State Bank was founded in 1892 and offers a full range of
banking and trust services with five branch locations serving northeast
Indiana. Farmers State Bank may be reached online at www.fsbanking.com.
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/20160601005407/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
Kosciusko Contact Information:
J.
Gregory Maxwell
President and Chief Executive Officer
Phone:
(574) 265-2526
or
Lindy Breeden
Executive Vice President
and Chief Credit Officer
Phone: (574) 353-7521
Source: Horizon Bancorp