Horizon Bancorp (NASDAQ: HBNC, “Horizon”) and SCB Bancorp, Inc. (“SCB”), jointly announced that the Office of the Comptroller of Currency has approved, and the Federal Reserve Board has waived the approval requirement for, Horizon’s proposed acquisition of SCB and its banking subsidiary, Summit Community Bank.
“We are extremely pleased with the actions taken by the Office of the Comptroller of Currency and the Federal Reserve Board and that we have regulatory approval to complete the merger,” said Craig Dwight, Chairman and Chief Executive Officer of Horizon. “The fact that Horizon is on target to complete this merger by its original target date of the second quarter of 2014 is a testament to our strength and ability to move forward on important strategic partnerships.”
The transaction remains subject to approval by SCB’s shareholders as well as the satisfaction of other closing conditions. SCB will hold its special meeting of shareholders on March 25, 2014, at which the shareholders will vote on the proposed merger. The merger agreement provides that SCB will be merged into Horizon and simultaneously Summit Community Bank will be merged into Horizon’s banking subsidiary, Horizon Bank, N.A.
John Abbott, Summit Community Bank’s President and Chief Executive Officer stated, “We are pleased that the regulatory approval and waiver have been obtained and with the progress being made by both the Summit and Horizon integration teams. Both teams are working well together and are on schedule for the planned second quarter consummation of the transaction.”Headquartered in East Lansing, Michigan, SCB, through its wholly-owned subsidiary Summit Community Bank, serves the greater Lansing area through two full-service banking locations and one mortgage center. As of December 31, 2013, Summit Community Bank had total assets of $160 million. Horizon Bancorp is a community bank holding company headquartered in Michigan City, Indiana with total assets of $1.8 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.