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Horizon Bancorp receives regulatory nod for branch deal in Indiana

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Horizon Bancorp receives regulatory nod for branch deal in Indiana

Horizon Bancorp Chairman and CEO Craig Dwight said Jan. 25 that the Michigan City, Ind.-based company received regulatory approval for the purchase of certain assets and assumption of deposits from First Farmers Bank & Trust's Bargersville, Ind., branch.

The deal is expected to close Feb. 3.

Horizon Bancorp is the parent of Horizon Bank NA and had total assets of $3.14 billion as of Dec. 31, 2016, according to a Form 8-K filed Jan. 25. Converse, Ind.-based First Farmers Bank & Trust is a unit of First Farmers Financial Corp., which had assets of $1.55 billion as of Sept. 30, 2016, per SNL data.

Horizon Bancorp's net income available to common shareholders for the fourth quarter of 2016 was $5.6 million, or 25 cents per share, compared to $6.1 million, or 34 cents per share, for the year-ago period. Its net income available to common shareholders for 2016 was $23.9 million, or $1.19 per share, compared to $20.4 million, or $1.89 per share, for 2015.