Horizon Bancorp Announces Closing of CNB Bancorp Merger
November 07 2016 - 9:00AM
Business Wire
Horizon Bancorp (NASDAQ: HBNC)(“Horizon”), the parent of Horizon
Bank, N.A., (“Horizon Bank”) announces the completion of the
acquisition of CNB Bancorp (“CNB”), parent company of The Central
National Bank and Trust Company (“Central National Bank &
Trust”) of Attica, Indiana, effective November 7, 2016. A
subsidiary of Horizon was merged into CNB, and then CNB was merged
into Horizon. At the same time, Central National Bank & Trust
was merged into Horizon Bank. As previously announced, both banks
will operate under the name Horizon Bank.
As part of this transaction, Horizon Bank will add two new
branches to expand its branch network to fifty-six offices
throughout northern and central Indiana and southern Michigan.
“We’re confident customers will be pleased that the familiar faces
they’ve come to know and trust will remain with Horizon at these
branches. Their commitment to their customers shines through and
truly shows in all that they do,” said Craig M. Dwight, Horizon
Bank’s Chairman and Chief Executive Officer.
William C. McAdams, former Chief Executive Officer of Central
National Bank & Trust stated, “We are pleased to join a company
that instills the same values as CNB has throughout the years.
Horizon’s demonstrated commitment to preserve community banking,
retention of local staff, commitment to community involvement, and
personal service is why we trust Horizon will serve our customers
and local communities just as we have.”
Dwight further commented, “Horizon looks forward to the
enhancements the Central National Bank & Trust’s customer base
will experience through our extensive product and service
offerings, and on-line banking services, as well as higher lending
limits and cash management tools to better serve the business and
agricultural communities.”
Horizon is pleased to name a life-long resident of the
community, Sherri McGraw, as local Market President. “I look
forward to all of the new opportunities Horizon will bring to
Attica where I can continue to personally serve the banking needs
of my local community,” commented Ms. McGraw.
The companies are finalizing integration plans that include a
systems integration and sign change expected to take place the
weekend of December 3, 2016. As a result, customer accounts will
automatically change to Horizon accounts with no action required on
the part of the customer. The terms and conditions of existing
deposit and loan accounts are expected to remain unchanged. In
nearly all cases customer checks, direct deposits, payments, and
account numbers will also remain unchanged in order to make this
transition as smooth as possible.
Horizon Bancorp was advised by the law firm of Barnes &
Thornburg LLP. CNB Bancorp was advised by the law firm of
SmithAmundsen, LLC and the investment banking firm of Renninger
& Associates, LLC.
About Horizon Bancorp
Horizon Bancorp is a locally owned, independent, commercial bank
holding company serving northern and central Indiana and
southwestern and central Michigan through its commercial banking
subsidiary Horizon Bank, NA. Horizon also offers mortgage-banking
services throughout the Midwest. Horizon Bancorp may be reached
online at www.horizonbank.com. Its
common stock is traded on the NASDAQ Global Select Market under the
symbol HBNC.
Forward Looking Statements
This press release may contain forward-looking statements
regarding the financial performance, business prospects, growth and
operating strategies of Horizon. For these statements, Horizon
claims the protections of the safe harbor for forward-looking
statements contained in the Private Securities Litigation Reform
Act of 1995. Statements in this press release should be considered
in conjunction with the other information available about Horizon,
including the information in the filings we make with the
Securities and Exchange Commission. Forward-looking statements
provide current expectations or forecasts of future events and are
not guarantees of future performance. The forward-looking
statements are based on management’s expectations and are subject
to a number of risks and uncertainties. We have tried, wherever
possible, to identify such statements by using words such as
“anticipate,” “estimate,” “project,” “intend,” “plan,” “believe,”
“will” and similar expressions in connection with any discussion of
future operating or financial performance.
Although management believes that the expectations reflected in
such forward-looking statements are reasonable, actual results may
differ materially from those expressed or implied in such
statements. Risks and uncertainties that could cause actual results
to differ materially include risk factors relating to the banking
industry and the other factors detailed from time to time in
Horizon’s reports filed with the Securities and Exchange
Commission, including those described in “Item 1A Risk Factors” of
Part I of Horizon’s Annual Report on Form 10-K for the fiscal year
ended December 31, 2015. Undue reliance should not be placed on the
forward-looking statements, which speak only as of the date hereof.
Horizon does not undertake, and specifically disclaims any
obligation, to publicly release the result of any revisions that
may be made to update any forward-looking statement to reflect the
events or circumstances after the date on which the forward-looking
statement is made, or reflect the occurrence of unanticipated
events, except to the extent required by law.
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version on businesswire.com: http://www.businesswire.com/news/home/20161107005236/en/
Horizon Contact Information:Craig M. DwightChairman and
Chief Executive OfficerPhone: (219) 873-2725orMark E. SecorChief
Financial OfficerPhone: (219) 873-2611Fax: (219) 874-9280orSherri
L. McGrawMarket President - AtticaPhone: (765) 762-2414
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