Michigan City, Ind.-based Horizon Bank NA agreed to acquire certain loans and alldeposits of a First Farmers Bank& Trust branch, located in Bargersville, Ind.
Under the deal terms, Horizon Bank will acquireapproximately $5.0 million in loans and assume approximately $15 million indeposits. The bank does not plan to purchase the branch's fixed assets orassume its underlying lease.
Horizon Bank plans to consolidate the branch into itsexisting branch located at 507 Three Notch Lane, Bargersville, Ind. HorizonBank also plans to offer jobs to all workers at the First Farmers Bank branch.
Gene Miles, president and CEO of First Farmers, said in therelease that the company decided to leave the market in order to focus on theagricultural sector and in geographies closer to the bank's branch network.
Barnes & Thornburg LLP is serving as legal counsel toHorizon. Renninger & Associates LLC is serving as financial adviser andSmithAmundsen LLC is serving as legal counsel to First Farmers.
Horizon Bank is a unit of Michigan City, Ind.-basedHorizon Bancorp ($2.92billion) and First Farmers Bank is a unit of Converse, Ind.-based ($1.56 billion).