Horizon Bankcorp announces Purchase Agreement
Michigan City, Indiana – Horizon Bancorp (NASDAQ symbol HBNC) the parent company of Horizon Bank NA, headquartered in Michigan City, Indiana, announced today the signing of an asset purchase agreement to purchase all of the assets and assume certain liabilities of 1st Mortgage of Indiana, Inc. located in Indianapolis, Indiana.
Under the terms of the agreement, Horizon will purchase the assets of 1st Mortgage of Indiana in a 100% cash transaction. This transaction is expected to close within the next 30 days.
Horizon Bancorp is a community bank holding company headquartered in Michigan City, Indiana with total assets of $1.7 billion as of December 31, 2013. Horizon Bancorp’s wholly-owned subsidiary, Horizon Bank, still operates under its original charter, dating back to 1873, with a footprint of twenty-nine offices extending throughout northern and central Indiana as well as southwestern Michigan.
Located in Indianapolis, Indiana, 1st Mortgage of Indiana, Inc. is a mortgage lender specializing in conventional, Jumbo, FHA and VA Mortgage loans. Founded in 1994, 1st Mortgage of Indiana offers mortgage services to the greater Indianapolis market area from their single location at 9292 North Meridian Street.
Horizon Bank’s Executive Vice President, James D. Neff said, “We are extremely pleased to have this opportunity to expand our mortgage presence in the Indianapolis area. The addition of this team of mortgage experts, with their commitment to exceptional customer service, is a natural fit for our Company.”
Neff explained that this partnership provides an excellent opportunity to expand Horizon’s current market presence into the greater Indianapolis area. This expansion will complement Horizon’s growing footprint in Indianapolis, where Horizon recently opened a new full-service branch at 302 N. Alabama Street as well as announcing land acquisition in Carmel, Indiana for a proposed branch to be completed later in 2014.
The owners of 1st Mortgage of Indiana, Cathy and Michael Strawn, will remain and lead Horizon’s mortgage banking operations in Central Indiana – from Indianapolis and north of the city. Cathy Strawn, President of 1st Mortgage of Indiana said, “We are looking forward to becoming part of the Horizon Bank team and the added services we will be able to offer our customers.”
About Horizon Bancorp
Horizon Bancorp is a locally owned, independent, commercial bank holding company serving Northern and Central Indiana and Southwest 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 Market under the symbol HBNC.
About 1st Mortgage of Indiana, Inc.
1st Mortgage is a full-service First Lien Mortgage Lender licensed by the Indiana Department of Financial Institutions offering all types of mortgage products including conventional, jumbo, FHA and VA, as well as many non-conforming and portfolio loan products. 1st Mortgage operates from a single location in Indianapolis, Indiana. 1st Mortgage of Indiana, Inc. may be reached online at www.firstmortgageindianaFe.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, 2012. 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.
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Horizon Bank, NA
James D. Neff 219-874-9395
Executive Vice President
Mark E. Secor 219-873-2611
Chief Financial Officer
1st Mortgage of Indiana, Inc.
Catherine J. Strawn 800-326-6359
J. Michael Strawn 800-326-6359