Horizon Bank to Acquire 14 TCF National Bank Branches in Michigan with $976 Million in Deposits and $278 Million in Loans - Seite 2

The low operating cost of the branches to be acquired should also further reduce Horizon’s comparatively low efficiency ratio and non-interest expense to average assets ratio.

Horizon Bank is also acquiring performing residential mortgage, consumer, and small business loans associated with the branches at a 3.50% discount. Based on due diligence conducted on the portfolio to be acquired, Horizon believes the loan discount is more than sufficient to cover any credit risk exposure. Loans outstanding for the portfolio to be acquired totaled approximately $278 million at March 31, 2021, more than 86% of which were associated with deposit accounts at the 14 branches.

As an experienced integrator, the Michigan branch transaction will be Horizon Bank’s 15^th acquisition since 2002 and fifth in the last five years, productively deploying excess capital and cash currently held at the holding company.

“We have a demonstrated history of integrating cultures, prioritizing community involvement and retaining seasoned local bankers, which continue to be key components to our future success,” added Dwight.

Donnelly Penman & Partners served as financial advisor and Warner Norcross + Judd LLP served as legal advisor to Horizon on the transaction.

Investor Presentation and Conference Call
An investor presentation with additional information, including a complete list of acquired branches, will be available at https://investor.horizonbank.com/news-and-presentations.

Horizon will also host an investor conference call tomorrow morning to review its branch transaction plans. Participants may access the live conference call on May 26, 2021 at 7:30 a.m. CT (8:30 a.m. ET) by dialing 877–317–6789 from the United States, 866–450–4696 from Canada or 412–317–6789 from international locations and requesting the “Horizon Bancorp Call.” Participants are asked to dial in approximately 10 minutes prior to the call.

A telephone replay of the call will be available for approximately one week following the live conference. The replay may be accessed by dialing 877–344–7529 from the United States, 855–669–9658 from Canada or 412–317–0088 from other international locations, and entering the access code 10156750.

About Horizon Bancorp, Inc.
Horizon Bancorp, Inc. (NASDAQ GS: HBNC) is the $6.1 billion-asset bank holding company for Horizon Bank, which serves customers across diverse and economically attractive Midwestern markets through convenient digital and virtual tools, as well as its Indiana and Michigan branches. Horizon’s retail offerings include prime residential, indirect auto, and other secured consumer lending to in-market customers, as well as a range of personal banking and wealth management solutions. Horizon also provides a comprehensive array of in-market business banking and treasury management services, with commercial lending representing over half of total loans. More information on Horizon, headquartered in Northwest Indiana’s Michigan City, is available at horizonbank.com and investor.horizonbank.com.