Michigan City, Ind.-based HorizonBancorp completed the acquisitionof La Porte, Ind.-based La Porte BancorpInc. and unit La PorteSavings Bank, effective July 18.
As a result of La Porte Bancorp stockholder stock and cash , Horizon Bancorp issued2,280,992 shares of its common stock in the merger. Based on the July 15 closingprice of $26.31 per Horizon Bancorp common share, the deal has an implied valuation of approximately$98.9 million, according to a recently filed Form 8-K.
La Porte Bancorp merged into Horizon Bancorp, and La Porte SavingsBank merged into Horizon Bank NA.As of March 31, Horizon Bancorp had about $2.63 billion in total assets, and LaPorte Bancorp had approximately $528.9 million in total assets.The systems integration and sign change are expected to take place the weekend ofOct. 22.
Horizon Bancorp and Horizon Bank added Michele Thompson, formerpresident and CFO of La Porte Bancorp, to their respective boards and will add tworepresentatives to Horizon Bancorp's existing La Porte County community advisoryboard.
As previously disclosed, three full-service offices and one loanproduction office will be consolidated upon the completion of the systems integration.The offices to be consolidated are La Porte Savings Bank's Indiana branches in MichiganCity and Chesterton; its Westside location; and its St. Joseph, Mich., loan productionoffice. Each office to be closed is within 1.5 miles of an office that will remainopen.
As part of the office consolidation, Horizon Bancorp has retainedthe retail branch personnel. By 2017, the company expects office staffing to beright-sized through normal branch attrition and retirements, according to the filing.
Horizon Bancorp was advised by Stephens Inc. and the law firmof Barnes & Thornburg LLP. La Porte Bancorpwas advised by Raymond James & Associates Inc. and the law firm of Luse GormanPC.