Horizon Bank Announces Receipt of Regulatory Approvals to Acquire 14 of The Huntington National Bank Branches
MICHIGAN CITY, Ind., August 9, 2021 — Horizon Bank, a wholly owned subsidiary of Horizon Bancorp, Inc. (NASDAQ GS: HBNC) (“Horizon”), announced that the Federal Deposit Insurance Corporation has approved the purchase and assumption agreement to acquire 14 of The Huntington National Bank branches in 11 Michigan counties with, as previously announced on May 25, 2021, approximately $976 million in deposits and $278 million in associated loans. The branches, which were previously operated by TCF National Bank, a wholly owned subsidiary of TCF Financial Corporation, are being divested in connection with TCF Financial Corporation’s merger with Huntington Bancshares Incorporated.
“Regulators responding with the required approvals necessary to complete the acquisition of these branches throughout communities in Michigan takes us one step closer to our goal,” said Craig Dwight, Chairman and Chief Executive Officer of Horizon. “Our teams have been working diligently towards these branches becoming a part of Horizon in mid-September. We look forward to offering our robust line of products and services – including all the online and digital banking conveniences we know customers expect today – backed by the personal service we believe is still unique to community banking,” Craig Dwight continued.
As an experienced integrator, this branch transaction will be Horizon Bank’s 15th acquisition since 2002 and 5th in the last 5 years. The transaction close and conversion will take place simultaneously and is expected to occur the weekend of September 18, 2021. Horizon expects to add over 50,000 primarily retail and small business customer accounts and the entire workforce of the acquired branches.
“We look forward to opening the doors of these branches as Horizon Bank in mid-September. With our new team members, we are excited to once again prioritize community involvement and dedication to customer service that is best delivered by local, seasoned bankers who also call these communities home,” added Dwight.
Donnelly Penman & Partners served as financial advisor and Warner Norcross + Judd LLP served as legal advisor to Horizon on the transaction.
About Horizon Bancorp, Inc.
Horizon Bancorp, Inc. (NASDAQ GS: HBNC) is the $6.1 billion-asset bank holding company for Horizon Bank, which serves customers across diverse and economically attractive Midwestern markets through convenient digital and virtual tools, as well as its Indiana and Michigan branches. Horizon’s retail offerings include prime residential, indirect auto, and other secured consumer lending to in-market customers, as well as a range of personal banking and wealth management solutions. Horizon also provides a comprehensive array of in-market business banking and treasury management services, with commercial lending representing over half of total loans. More information on Horizon, headquartered in Northwest Indiana’s Michigan City, is available at horizonbank.com and investor.horizonbank.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,” “expect,” “pro forma,” “intend,” “plan,” “believe,” “will,” “should,” 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 most recent annual and quarterly reports on Form 10-K and Form 10-Q and the following: the possibility that the transaction does not close when expected or at all because the remaining conditions to closing are not received or satisfied on a timely basis or at all; the risk that the benefits from the transaction may not be fully realized or may take longer to realize than expected, including as a result of changes in general economic and market conditions, the effects of the COVID-19 pandemic interest and exchange rates, monetary policy, laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which Horizon currently and intends to operate; the ability to promptly and effectively integrate the acquired branches into the business of Horizon Bank; the reaction of the companies’ customers, employees and counterparties to the transaction; and the diversion of management time on transaction-related issues. 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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