MICHIGAN CITY, Ind.--(BUSINESS WIRE)--
Horizon Bancorp (NASDAQ: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 1stMortgage 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, 1stMortgage 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
About 1stMortgage 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. 1stMortgage 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.
Horizon Bank, NA
James D. Neff 219-874-9395
Mark E. Secor 219-873-2611
1st Mortgage of Indiana, Inc.
J. Michael Strawn 800-326-6359
Source: Horizon Bancorp