Horizon Bancorp Announces Closing of Peoples Bancorp Merger
July 01 2015 - 8:00AM
Business Wire
Horizon Bancorp (NASDAQ:HBNC) (“Horizon”), the parent of Horizon
Bank, N.A., (“Horizon Bank”) announces the completion of the
acquisition of Peoples Bancorp (OTC PINK:PBNI) (“Peoples”) and its
wholly-owned subsidiary, Peoples Federal Savings Bank of DeKalb
County (“Peoples Federal”), effective July 1, 2015. Peoples was
merged into Horizon and simultaneously Peoples Federal merged into
Horizon Bank. As previously announced, the bank resulting from the
merger will operate under the name Horizon Bank. Under the terms of
the merger agreement, Peoples’ shareholders owning 100 or more
shares will receive .95 shares of Horizon common stock and $9.75 in
cash for each share of Peoples common stock they own. Shareholders
owning fewer than 100 shares of Peoples common stock will receive
$33.14 per share in cash and will not be entitled to receive any
shares of Horizon common stock.
As part of this transaction, Horizon Bank will be adding fifteen
new branches that will expand its branch network to forty-six
offices throughout southern Michigan and Indiana. “We are pleased
that many of the familiar faces that Peoples’ customers have come
to know will remain with Horizon at their neighborhood branches,”
said Craig M. Dwight, Horizon Bank’s Chairman and Chief Executive
Officer. “Horizon has a closely held belief to hire and retain
local talent with similar community banking values. We are excited
to partner with this team of seasoned banking professionals,”
continued Dwight.
Dwight further commented, “Horizon Bank will be adding value to
the communities and customers served by Peoples by broadening their
product line-up, which includes robust mobile and internet banking
services; advanced treasury management services for businesses; a
wide range of mortgage products; higher lending limits and service
guarantees on loan approvals.”
Maury Winkler former President and Chief Executive Officer of
Peoples Federal stated, “We look forward to working with Horizon –
a company that is both financially solid and totally committed to
its customers and the communities it serves. Our branch staff,
business bankers and agricultural lenders are pleased to continue
to work for Horizon in order to provide our customers with the
personal service they are accustomed to receiving plus the
additional benefit of Horizon’s expanded products and
services.”
Winkler further stated that Horizon has pledged $50,000 per year
over the next five years in annual contributions to local not for
profit agencies within Peoples Federal’s communities. In addition,
Horizon will match employee contributions made to their local
United Way dollar for dollar.
Horizon Bank is finalizing integration plans that include a
systems integration that is expected to take place the weekend of
September 26, 2015. As a result, on that date Peoples Federal
customer accounts will automatically change to Horizon accounts
with no action required on the part of the customer. Customer
checks, debit cards, direct deposits, payments, and account numbers
will remain unchanged in order to make this transition as smooth as
possible.
Dwight further explained, “The addition of these fifteen new
banking offices positions Horizon well to continue its expansion
efforts in Indiana and Michigan.”
Horizon Bancorp was advised by Cummings & Company, LLC and
the law firm of Barack Ferrazzano Kirschbaum & Nagelberg LLP.
Peoples was advised by Keefe, Bruyette & Woods, Inc. a Stifel
Company and the law firm of Barnes & Thornburg LLP.
About Horizon Bancorp
Horizon Bancorp is a locally owned, independent bank holding
company 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.
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 it makes 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, 2014. 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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version on businesswire.com: http://www.businesswire.com/news/home/20150701005410/en/
Horizon Contact Information:Craig M. DwightChairman and
Chief Executive OfficerPhone: (219) 873-2725orMark E. SecorChief
Financial OfficerPhone: (219) 873-2611Fax: (219)
874-9280orPeoples Contact Information:Maurice F. Winkler,
IIIPresident and Chief Executive OfficerMain Office #:
260-925-2500orSteven H. CaryerSenior Vice President & Chief
Financial OfficerMain Office #: 260-925-2500
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