Horizon Acquisition Receives Regulatory Approval
(photo courtesy of Greater Fort Wayne Inc.)
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowMichigan City-based Horizon Bancorp Inc. (Nasdaq: HBNC) has announced that the Federal Deposit Insurance Corp. has approved its acquisition of 14 branches from The Huntington National Bank (Nasdaq: HBAN). The purchase of the branches, which are located in 11 Michigan counties, was previously announced in May.
The branches were previously operated by TCF National Bank, but are being divested as part of Huntington’s merger with TCF’s parent company. Horizon Chief Executive Officer Craig Dwight says the branches will open as Horizon Bank in mid-September.
The transaction will be Horizon Bank’s 15th acquisition since 2002 and 5th in the last five years. The bank says the transaction is expected to close the weekend of September 18.
“Regulators responding with the required approvals necessary to complete the acquisition of these branches throughout communities in Michigan takes us one step closer to our goal,” said Dwight. “Our teams have been working diligently towards these branches becoming a part of Horizon in mid-September. We look forward to offering our robust line of products and services – including all the online and digital banking conveniences we know customers expect today – backed by the personal service we believe is still unique to community banking.”
Horizon says it expects to add more than 50,000 primarily retail and small business customer accounts and the entire workforce of the acquired branches.