MICHIGAN CITY, Ind.--(BUSINESS WIRE)--Horizon Bank, a national banking association (“Horizon”) and a wholly owned subsidiary of Horizon Bancorp (NASDAQ: HBNC) headquartered in Michigan City, Indiana, announces the signing of a definitive agreement to purchase certain loans and substantially all of the deposits of a single branch located at 42 S. State Road 135, Bargersville, Indiana and owned by First Farmers Bank & Trust Co., an Indiana state chartered bank (“First Farmers”) and wholly owned subsidiary of First Farmers Financial Corporation, headquartered in Converse, Indiana (OTCQX: FFMR).
Gene Miles, President and Chief Executive Officer of First Farmers said, “We are grateful for the opportunity to have served the greater Bargersville, Indiana community and we decided that now is a good time for us to leave this location and to focus our resources in the agricultural sector and in geographies closer to our branch network. We treasure the relationships we’ve developed and wish each of our customers and employees continued success as they join forces with Horizon Bank, a company that shares similar values and supports the local community.”
Horizon’s Chief Executive Officer, Craig M. Dwight said, “We are extremely pleased to have this opportunity to increase market share in Bargersville, Indiana, a growing community located in Johnson County, Indiana. This branch will be consolidated into Horizon’s current branch located at 507 Three Notch Lane, Bargersville, Indiana, which is less than 1/2 mile north of the branch to be acquired. Horizon intends to offer jobs to all branch personnel located at the First Farmers office to provide the local customers a personal contact with someone they already know and trust. In addition, Horizon has four locations in Johnson County to better serve the customers along with extended hours.”
Under the terms of the agreement, Horizon anticipates purchasing approximately $5.0 million dollars in loans and assuming approximately $15 million in deposits. The loans to be purchased are subject to review and acceptance by Horizon prior to closing. Horizon will not be purchasing fixed assets or assuming the underlying lease for the First Farmers branch.
Barnes & Thornburg, LLP is serving as legal counsel to Horizon. Renninger & Associates, LLC and SmithAmundsen, LLC are serving as financial advisor and legal counsel, respectively, to First Farmers.
About Horizon Bancorp
Horizon Bancorp is a $3.49 billion financial holding company headquartered in Michigan City, Indiana, serving northern and central Indiana and southwest and central 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 Select Market under the symbol HBNC.
About First Farmers Financial Corporation
First Farmers Financial Corporation is a $1.53 billion financial holding company headquartered in Converse, Indiana. First Farmers Bank & Trust Co. has 29 offices throughout Carroll, Cass, Clay, Grant, Hamilton, Howard, Huntington, Madison, Marshall, Miami, Johnson, Starke, Sullivan, Tipton, Vermillion, Vigo and Wabash counties in Indiana and 7 offices in Coles, Edgar and Vermilion counties in Illinois.
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 its Form 10-K. 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.