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Horizon Bancorp acquires Heartland Bancshares and its subsidiary bank for USD19.7m.

M2 EQUITYBITES-July 18, 2012-Horizon Bancorp acquires Heartland Bancshares and its subsidiary bank for USD19.7m(C)2012 M2 COMMUNICATIONS

Horizon Bancorp (NASDAQ:HBNC), a commercial bank holding company, closed its acquisition of Heartland Bancshares Inc (OTCBB:HRTB) and its subsidiary Horizon Bank NA's acquisition of Heartland Community Bank via mergers as of Tuesday (17 July), the company revealed the same day.

Accordingly, the exchange ratio was 0.54 shares of Horizon's common stock for each outstanding Heartland common stock and outstanding Heartland shares at closing were 1,442,449 and therefore the company's common stock issued to Heartland shareholders were 778,922 total.

Further, at the close of business on Tuesday Horizon's stock price was USD25.25 per share and the total consideration for the acquisition was USD19.7m while Heartland Community Bank reported total assets of about USD238.1m, total deposits of about USD211.2m and total loans of about USD134.9m, as of 31 March 2012.

Additionally, the banks will operate as one under Horizon Bank NA's charter and Heartland's locations will operate in Central Indiana as "Heartland Community Bank, a Horizon Bank NA Company," the company said and added that co-founders Steve Bechman and Jeffrey Goben of Heartland's will continue as key managers of the Central Indiana banking operation; and Heartland board member and partner of public accounting firm BGBC Partners LLP, Steven W Reed joined Horizon Bank's board of directors.

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Publication:M2 EquityBites (EQB)
Date:Jul 18, 2012
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