Horizon Bancorp, Inc. Announces Three-for-Two Stock Split
May 16 2018 - 4:30PM
Horizon Bancorp, Inc. (NASDAQ:HBNC) announced today that its
Board of Directors has declared a 3-for-2 stock split on Horizon’s
authorized and outstanding shares of common stock. Shareholders of
record as of the close of business on May 31, 2018, the record
date, will be entitled to receive an additional half share for each
share of common stock held.
Shareholders will receive cash in lieu of any fractional share
of common stock that they otherwise would have been entitled to
receive in connection with the split, except that those
shareholders participating in Horizon’s dividend reinvestment and
stock purchase plans will have fractional shares of common stock
credited to their accounts. The price paid for fractional
shares will be based on the average closing price of a share of
common stock as reported on the NASDAQ Global Select Market for the
five trading days immediately prior to the record date.
In connection with the 3-for-2 stock split, the Board of
Directors has approved an amendment to Horizon’s Articles of
Incorporation to increase the amount of authorized common shares in
the same proportion. The amendment will become effective upon
approval by the Indiana Secretary of State, and the 66 million
common shares presently authorized will become 99 million
authorized common shares.
The additional shares issued in the stock split are expected to
be distributed to shareholders on June 15, 2018. Horizon common
shares are expected to begin trading on a split-adjusted basis on
or about June 18, 2018, or such other date specified by NASDAQ.
Craig M. Dwight, Horizon’s Chairman and Chief Executive Officer,
stated: “Horizon has a strong and stable shareholder base, and we
appreciate the large number of long-term, loyal shareholders.
This split is intended to improve the liquidity for our stock
by making more shares available in the marketplace, and to make our
stock affordable and attractive to investors. We believe
Horizon offers the opportunity to invest in a growing community
bank that has consistently offered an attractive cash dividend and
solid growth.”
The stock split will increase Horizon’s outstanding shares from
approximately 25.6 million shares prior to the split to
approximately 38.4 million shares.
About Horizon
Horizon Bancorp, Inc. is an independent,
commercial bank holding company serving northern and central
Indiana, and southern, central and the Great Lakes Bay regions of
Michigan through its commercial banking subsidiary Horizon Bank.
Horizon also offers mortgage-banking services throughout the
Midwest. Horizon Bancorp, Inc. 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 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:
Horizon Bancorp, Inc.Mark E. SecorChief Financial Officer(219)
873-2611
Fax: (219) 874-9280
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