MICHIGAN CITY, Ind.--(BUSINESS WIRE)--
Horizon Bank, a national banking association (“Horizon”) and a wholly
owned subsidiary of Horizon Bancorp (NASDAQ: HBNC) headquartered in
Michigan City, Indiana, announces the signing of a definitive agreement
to purchase certain loans and substantially all of the deposits of a
single branch located at 42 S. State Road 135, Bargersville, Indiana and
owned by First Farmers Bank & Trust Co., an Indiana state chartered bank
(“First Farmers”) and wholly owned subsidiary of First Farmers Financial
Corporation, headquartered in Converse, Indiana (OTCQX: FFMR).
Gene Miles, President and Chief Executive Officer of First Farmers said,
“We are grateful for the opportunity to have served the greater
Bargersville, Indiana community and we decided that now is a good time
for us to leave this location and to focus our resources in the
agricultural sector and in geographies closer to our branch network. We
treasure the relationships we’ve developed and wish each of our
customers and employees continued success as they join forces with
Horizon Bank, a company that shares similar values and supports the
local community.”
Horizon’s Chief Executive Officer, Craig M. Dwight said, “We are
extremely pleased to have this opportunity to increase market share in
Bargersville, Indiana, a growing community located in Johnson County,
Indiana. This branch will be consolidated into Horizon’s current branch
located at 507 Three Notch Lane, Bargersville, Indiana, which is less
than 1/2 mile north of the branch to be acquired. Horizon intends to
offer jobs to all branch personnel located at the First Farmers office
to provide the local customers a personal contact with someone they
already know and trust. In addition, Horizon has four locations in
Johnson County to better serve the customers along with extended hours.”
Under the terms of the agreement, Horizon anticipates purchasing
approximately $5.0 million dollars in loans and assuming approximately
$15 million in deposits. The loans to be purchased are subject to review
and acceptance by Horizon prior to closing. Horizon will not be
purchasing fixed assets or assuming the underlying lease for the First
Farmers branch.
Barnes & Thornburg, LLP is serving as legal counsel to Horizon.
Renninger & Associates, LLC and SmithAmundsen, LLC are serving as
financial advisor and legal counsel, respectively, to First Farmers.
About Horizon Bancorp
Horizon Bancorp is a $3.49 billion financial holding company
headquartered in Michigan City, Indiana, 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.
About First Farmers Financial Corporation
First Farmers Financial Corporation is a $1.53 billion financial holding
company headquartered in Converse, Indiana. First Farmers Bank & Trust
Co. has 29 offices throughout Carroll, Cass, Clay, Grant, Hamilton,
Howard, Huntington, Madison, Marshall, Miami, Johnson, Starke, Sullivan,
Tipton, Vermillion, Vigo and Wabash counties in Indiana and 7 offices in
Coles, Edgar and Vermilion counties in Illinois.
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/20161004006628/en/
Horizon Bank, NA
Craig M. Dwight, 219-873-2725
Chairman
& Chief Executive Officer
or
Mark E. Secor, 219-873-2611
Executive
Vice President &
Chief Financial Officer
or
First
Farmers Bank & Trust Co.
Gene Miles, 765-395-3316
President
& Chief Executive Officer
or
Keith Hill, 765-395-3316
Chief
Financial Officer
Source: Horizon Bancorp