Horizon Bancorp Set To Join Russell 3000 Index
June 14, 2012 09:19 AM
June 14, 2012, Michigan City, Indiana (NASDAQ GM: HBNC) - Horizon Bancorp announced today it has been selected to join the broad-market Russell 3000® Index and Russell Global Index when Russell Investments reconstitutes its comprehensive set of U.S. and global equity indexes on June 25th according to a preliminary list of additions posted by Russell Investments on June 8.
"Joining the Russell 3000® Index represents a significant milestone in Horizon Bancorp's 139 year history," said Craig M. Dwight, President and CEO. "It is a direct result of our Company's consistent year over year growth and strong financial performance which, in turn, has driven the increased value investors have assigned to Horizon's stock and the subsequent market capitalization increase. This has been a long-term goal of the Company, and it is extremely gratifying to have achieved it in what continues to be a challenging environment for banks."
"Membership in a group of companies that serve as a global benchmark for corporate performance is also a tribute to our employees, whose work and dedication have enabled us to grow and build the Horizon Bank franchise. It is an honor to be considered one of the top 3000 largest U.S. publicly traded companies in the United States as determined by the Russell 3000® index."
Annual reconstitution of Russell's U.S. indexes captures the largest U.S. stocks as of the end of May, ranking them by total market capitalization. Russell determines membership for its equity indexes primarily by objective, market-capitalization rankings and style attributes. The Russell 3000 serves as the U.S. component to the Russell Global Index.
According to Russell, its indices are widely used by investment managers and institutional investors worldwide for index funds and as benchmarks for both passive and active investment strategies. In the institutional marketplace, $3.9 trillion in assets are benchmarked to them. Russell calculates more than 80,000 benchmarks daily covering approximately 98 percent of the investable market globally, 83 countries and more than 10,000 securities.
In April 2012 Horizon Bancorp was one of 43 banks nationwide named to the Keefe, Bruyette & Woods Honor Roll, which is based on criteria that includes banks with more than $500 million in assets, no annual loss reported in net income per share (before extraordinary items) over the past 10 years, 2011 annual reported net income per share (before extraordinary items) equal to or greater than peak net income per share over the past 10 years, and consecutive increases in net income per share (before extraordinary items) since 2009.
Horizon Bancorp is a locally owned, independent, commercial bank holding company serving Northern and Central Indiana and Southwest Michigan. Horizon also offers mortgage-banking services throughout the Midwest. Horizon Bancorp may be reached online at www.accesshorizon.com. Its common stock is traded on the NASDAQ Global Market under the symbol HBNC.
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 II of Horizon's Form 10-Q for the quarter ended March 31, 2012. Undue reliance should not be placed on the forward-looking statements, which speak only as of the date of this press release. 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.
Contact: Horizon Bancorp
Mark E. Secor
Chief Financial Officer
Fax: (219) 874-9280