Horizon Bancorp announces merger
Horizon Bancorp (NASDAQ GS: HBNC, “Horizon”), the parent of Horizon Bank, N.A., (“Horizon Bank”) announced this week the completion of the acquisition of Kosciusko Financial, Inc. (Privately Held “Kosciusko”), and its wholly-owned subsidiary, Farmers State Bank, of Mentone, Ind. effective June 1. 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,” stated 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 Dec. 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,” stated 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.
“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,” stated Dwight.
The companies are finalizing integration plans that include a systems integration and sign change expected to take place the weekend of June 25. 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.