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Horizon Financial Declares Special Cash Dividend

BELLINGHAM, Wash., Nov. 21 /PRNewswire/ -- V. Lawrence Evans, President of Horizon Financial Corp. (Nasdaq: HRZB), announced that the Corporation's Board of Directors today declared a special cash dividend of $0.35 per share. The dividend is payable December 13 to stockholders of record December 6, 1996.

Commenting on the special dividend, Evans said, "During the year, the Corporation completed its conversion to the holding company structure, began implementing its stock repurchase program, and passed the $500-million in assets milestone. The support of our stockholders during this time is greatly appreciated and this special dividend is the Board's way of saying 'thank-you.'"

Horizon Financial Corp. is a $500-million, state-chartered bank holding company headquartered in Bellingham, Washington. The Corporation's primary subsidiary, Horizon Bank, a savings bank, operates twelve full-service offices in Whatcom, Skagit and Snohomish counties.

SOURCE Horizon Financial Corp.
 -0- 11/21/96

/CONTACT: V. Lawrence Evans, President, 360-733-3050, ext. 232, or David Eldred, Investor Relations, 360-733-3050, ext. 286, both of Horizon Financial Corporation/


CO: Horizon Financial Corp. ST: Washington IN: FIN SU: DIV

SM -- SFTH022 -- 5412 11/21/96 12:55 EST
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Publication:PR Newswire
Date:Nov 21, 1996
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