Chesterton Tribune

Horizon/Heartland bank merger a go

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Heartland Bancshares Inc. and Horizon Bancorp are announcing that the shareholders of Heartland approved a merger agreement with Horizon at a special shareholders meeting on June 27.

According to a statement released today, that merger will be closed and become effective on or about Tuesday, July 17.

Under terms announced earlier this year, Horizon had proposed issuing 0.54 share of its common stock for each share of Heartland common stock outstanding at the time of the merger.

“We are enthusiastic about the opportunity to expand our presence in Central Indiana, which is an attractive growth-oriented market,” Horizon President and CEO Craig Dwight said at the time of the original announcement. “Heartland, which has the No. 1 deposit share in Johnson County, will provide a strong foothold in Central Indiana and further establish Horizon’s position as an Indiana-focused financial institution.”

Heartland Bancshares Inc., headquartered in Franklin, Ind., is an Indiana corporation and a registered bank holding company. Heartland Community Bank, founded in 1997, is its wholly owned subsidiary. On Dec. 31, 2011, Heartland has total reported assets of $246 million; deposits of $217.9 million; and loans of $137.7 million.

Horizon Bancorp is a bank holding company incorporated in Indiana and headquartered in Michigan City. It provides a broad range of banking services in Northwestern Indiana and Southwestern

Michigan through its bank subsidiary, Horizon Bank, with 23 full-service offices.

 

Posted 7/3/2012