Horizon Bancorp Announces Closing of 1st Mortgage of Indiana, Inc. Acquisition

MICHIGAN CITY, Ind.--()--Horizon Bancorp (NASDAQ:HBNC) the parent company of Horizon Bank NA, headquartered in Michigan City, Indiana, announced today it has closed its acquisition of 1st Mortgage of Indiana, Inc. effective February 28, 2014. As previously announced, 1st Mortgage of Indiana, Inc. will operate under the name of Horizon Bank.

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 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.

“We are very pleased with the cooperation and teamwork demonstrated throughout the transaction process that has moved very quickly,” said James D. Neff, Horizon’s Executive Vice President. “This merger provides an excellent addition to our growing footprint and commitment to Central Indiana. We believe our shared philosophies of exceptional customer service will also result in a strong shared culture that will serve us well, long into the future.”

1st Mortgage of Indiana, co-owners, 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 believe this merger opens many doors by broadening the menu of mortgage products and services we will be able to deliver to our customers, all supported by our shared values and complemented by the expanded branch network Horizon Bank offers.”

Under the terms of the agreement, Horizon purchased the assets of 1st Mortgage of Indiana in a 100% cash transaction with an additional cash earn-out.

To complement this new market presence, Horizon is poised to open a new office in Carmel, Indiana in late 2014 and recently opened a full-service office in downtown Indianapolis at the corner of New York and Alabama Streets.

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.

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.

Contacts

Horizon Bank, NA
James D. Neff, 219-874-9395
Executive Vice President
or
Mark E. Secor, 219-873-2611
Chief Financial Officer
or
1st Mortgage of Indiana, Inc.
Catherine J. Strawn, 800-326-6359
President
or
J. Michael Strawn, 800-326-6359
Vice President

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Contacts

Horizon Bank, NA
James D. Neff, 219-874-9395
Executive Vice President
or
Mark E. Secor, 219-873-2611
Chief Financial Officer
or
1st Mortgage of Indiana, Inc.
Catherine J. Strawn, 800-326-6359
President
or
J. Michael Strawn, 800-326-6359
Vice President