MICHIGAN CITY, Ind.--(BUSINESS WIRE)--
(NASDAQ: HBNC) – Horizon Bancorp announced today that its Board of
Directors has declared a 3-for-2 stock split on Horizon’s authorized and
outstanding shares of common stock. Shareholders of record as of the
close of business on October 31, 2016, the record date, will be entitled
to receive an additional half share for each share of common stock held.
Shareholders will receive cash in lieu of any fractional share of common
stock that they otherwise would have been entitled to receive in
connection with the split, except that those shareholders participating
in Horizon’s dividend reinvestment and stock purchase plans will have
fractional shares of common stock credited to their accounts. The price
paid for fractional shares will be based on the average closing price of
a share of common stock as reported on the NASDAQ Global Select Market
for the five trading days immediately prior to the record date.
In connection with the 3-for-2 stock split, the Board of Directors has
approved an amendment to Horizon’s Articles of Incorporation to increase
the amount of both the issued and authorized common shares in the same
proportion. The amendment will become effective upon approval by the
Indiana Secretary of State, and the 44 million common shares presently
authorized will become 66 million authorized common shares.
The additional shares issued in the stock split are expected to be
distributed to shareholders on November 14, 2016. Horizon common shares
are expected to begin trading on a split-adjusted basis on or about
November 15, 2016, or such other date specified by NASDAQ.
Craig M. Dwight, Horizon’s Chairman and Chief Executive Officer, stated:
“Horizon has a strong and stable shareholder base, and we appreciate the
large number of long-term, loyal shareholders. This split is intended to
improve the liquidity for our stock by making more shares available in
the marketplace, and to make our stock affordable and attractive to
investors. We believe Horizon offers the opportunity to invest in a
growing community bank that has consistently offered an attractive cash
dividend and solid growth.”
The stock split will increase Horizon’s outstanding shares from
approximately 14.8 million shares prior to the split to approximately
22.2 million shares.
About Horizon
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, 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 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161019006372/en/
Horizon Bancorp
Mark E. Secor
Chief Financial Officer
(219)
873-2611
Fax: (219) 874-9280
Source: Horizon Bancorp