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Horizon Bancorp Announces Closing Of 1st Mortgage Of Indiana, Inc. Acquisition

Horizon Bancorp (NASDAQ:HBNC) the parent company of Horizon Bank NA, headquartered in Michigan City, Indiana, announced today it has closed its acquisition of 1 st Mortgage of Indiana, Inc. effective February 28, 2014. As previously announced, 1 st Mortgage of Indiana, Inc. will operate under the name of Horizon Bank.

Located in Indianapolis, Indiana, 1 st Mortgage of Indiana, Inc. is a mortgage lender specializing in conventional, Jumbo, FHA and VA Mortgage loans. Founded in 1994, 1 st Mortgage of Indiana offers mortgage services to the greater Indianapolis market area from their single location at 9292 North Meridian Street.

Horizon Bancorp is a community bank holding company headquartered in Michigan City, Indiana with total assets of $1.7 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.

“We are very pleased with the cooperation and teamwork demonstrated throughout the transaction process that has moved very quickly,” said James D. Neff, Horizon’s Executive Vice President. “This merger provides an excellent addition to our growing footprint and commitment to Central Indiana. We believe our shared philosophies of exceptional customer service will also result in a strong shared culture that will serve us well, long into the future.”

1 st Mortgage of Indiana, co-owners, Cathy and Michael Strawn, will remain and lead Horizon’s mortgage banking operations in Central Indiana – from Indianapolis and north of the city. Cathy Strawn, President of 1 st Mortgage of Indiana said, “We believe this merger opens many doors by broadening the menu of mortgage products and services we will be able to deliver to our customers, all supported by our shared values and complemented by the expanded branch network Horizon Bank offers.”

Under the terms of the agreement, Horizon purchased the assets of 1 st Mortgage of Indiana in a 100% cash transaction with an additional cash earn-out.

To complement this new market presence, Horizon is poised to open a new office in Carmel, Indiana in late 2014 and recently opened a full-service office in downtown Indianapolis at the corner of New York and Alabama Streets.

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