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Michigan City-based Horizon Bank has announced they're buying 1st Mortgage of Indiana, an Indianapolis-based mortgage lender. The transaction is expected to close with the next thirty days. It's the second acquisition for Horizon Bank in the past four months. In November, Horizon Bancorp announced plans to expand their current market presence in southwestern Michigan by acquiring Summit Community Bank.
News release rom Horizon Bancorp on the 1st Mortgage acquisition:
Michigan City, Indiana – Horizon Bancorp (NASDAQ symbol HBNC) the parent company of Horizon Bank NA, headquartered in Michigan City, Indiana, announced today the signing of an asset purchase agreement to purchase all of the assets and assume certain liabilities of 1st Mortgage of Indiana, Inc. located in Indianapolis, Indiana.
Under the terms of the agreement, Horizon will purchase the assets of 1st Mortgage of Indiana in a 100% cash transaction. This transaction is expected to close within the next 30 days.
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.
Located in Indianapolis, Indiana, 1st Mortgage of Indiana, Inc. is a mortgage lender specializing in conventional, Jumbo, FHA and VA Mortgage loans. Founded in 1994, 1st Mortgage of Indiana offers mortgage services to the greater Indianapolis market area from their single location at 9292 North Meridian Street.
Horizon Bank’s Executive Vice President, James D. Neff said, “We are extremely pleased to have this opportunity to expand our mortgage presence in the Indianapolis area. The addition of this team of mortgage experts, with their commitment to exceptional customer service, is a natural fit for our Company.”
Neff explained that this partnership provides an excellent opportunity to expand Horizon’s current market presence into the greater Indianapolis area. This expansion will complement Horizon’s growing footprint in Indianapolis, where Horizon recently opened a new full-service branch at 302 N. Alabama Street as well as announcing land acquisition in Carmel, Indiana for a proposed branch to be completed later in 2014.
The owners of 1st Mortgage of Indiana, 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 1st Mortgage of Indiana said, “We are looking forward to becoming part of the Horizon Bank team and the added services we will be able to offer our customers.”
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