Horizon Announces Conversion to an Indiana State-Chartered Bank
June 26 2017 - 9:00AM
Horizon Bancorp (NASDAQ:HBNC) announced that its wholly-owned
subsidiary, Horizon Bank, N.A., has converted from a national bank
to an Indiana state-chartered non-member bank. The charter
conversion became effective following the close of business on June
23, 2017. The converted bank will operate under the name Horizon
Bank. We expect the primary benefits from converting to a
state-chartered bank to include:
- Aligning Horizon’s interests with the Midwest states where we
do business;
- Aligning Horizon’s cost structure with other premier
state-chartered banks;
- Lowering Horizon’s costs before tax by approximately $432,000
per year;
- Improving efficiencies in the bank examination process;
and
- Increasing Horizon’s support for the Indiana and Michigan
Bankers Associations and other Associations in states where we do
business.
Horizon Bank’s deposits continue to be insured by the FDIC to
the same extent they were insured before the conversion.
About Horizon BancorpHorizon Bancorp is an
independent, commercial bank holding company serving northern and
central Indiana, southwest and central Michigan and central Ohio
through its commercial banking subsidiary Horizon Bank, an Indiana
bank. Horizon also offers mortgage-banking services
throughout the Midwest. Horizon 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 StatementsThis 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 its Form 10-K. 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.
Contact: Amy Phares
Public Relations Coordinator
Phone: (219) 874-9208
Fax: (219) 873-2628
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