Horizon Bancorp Announces Closing of Kosciusko Financial, Inc. Merger
June 01 2016 - 8:30AM
Business Wire
Horizon Bancorp (NASDAQ: HBNC) (“Horizon”), the parent of
Horizon Bank, N.A., (“Horizon Bank”) announces the completion of
the acquisition of Kosciusko Financial, Inc. (Privately Held
“Kosciusko”), and its wholly-owned subsidiary, Farmers State Bank,
of Mentone, Indiana, effective June 1, 2016. Kosciusko was merged
into Horizon and simultaneously Farmers State Bank into Horizon
Bank. As previously announced, the banks will operate under the
name Horizon Bank.
As part of this transaction, Horizon Bank added five new
branches to expand its branch network to fifty offices throughout
northern and central Indiana and southern Michigan. “We’re
confident customers will be pleased that many of the familiar faces
they’ve come to know and trust will remain with Horizon at their
local branches. Teaming up with the experienced banking
professionals at Farmers State Bank has been a pleasure. They are
committed to their customers and the community which shows in all
that they do,” said Craig M. Dwight, Horizon Bank’s Chairman and
Chief Executive Officer.
Greg Maxwell, President and Chief Executive Officer of Farmers
State Bank, stated, “We are pleased to team up with a company that
instills the same values as Farmers State Bank has throughout the
years. Horizon is a solid company committed to its customers and
local communities.”
“Mr. Maxwell will continue to assist with this transition
through his retirement date of December 31, 2016. To further
solidify our shared philosophies of exceptional customer service
and commitment to community banking, Mr. Maxwell is happily passing
on the local leadership role to 27-year Farmers State Bank veteran,
Lindy Breeden,” continued Dwight. Breeden has been named Market
President for Kosciusko County. In addition, Horizon will establish
a Kosciusko County advisory board to maintain the pulse of the
community.
Dwight further commented, “Horizon Bank will add value to the
customers served by Farmers State Bank by broadening their product
line-up which includes robust mobile banking 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.”
The companies are finalizing integration plans that include a
systems integration and sign change expected to take place the
weekend of June 25, 2016. As a result, 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.
Horizon was advised by Raymond James & Associates, Inc. and
the law firm of Barnes & Thornburg, LLP. Kosciusko was advised
by Austin Associates, LLC and the law firms of Rockhill Pinnick LLP
and Shumaker, Loop & Kendrick, LLP.
About Horizon Bancorp
Horizon Bancorp is a locally owned, independent, commercial bank
holding company serving northern and central Indiana and southwest
and central Michigan through its commercial banking subsidiary
Horizon Bank, N.A. Horizon also offers mortgage-banking services
throughout the Midwest. Horizon may be reached online at
www.horizonbank.com. Its common stock is traded on the NASDAQ
Global Select Market under the symbol HBNC.
About Kosciusko Financial, Inc.
Kosciusko Financial, Inc. is an Indiana corporation
headquartered in Mentone, Indiana with Farmers State Bank as its
wholly-owned subsidiary. Farmers State Bank was founded in 1892 and
offers a full range of banking and trust services with five branch
locations serving northeast Indiana. Farmers State Bank may be
reached online at www.fsbanking.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, 2015. 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/20160601005407/en/
Horizon Contact Information:Craig M. DwightChairman and
Chief Executive OfficerPhone: (219) 873-2725orMark E. SecorChief
Financial OfficerPhone: (219) 873-2611Fax: (219)
874-9280orKosciusko Contact Information:J. Gregory
MaxwellPresident and Chief Executive OfficerPhone: (574)
265-2526orLindy BreedenExecutive Vice President and Chief Credit
OfficerPhone: (574) 353-7521
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