MICHIGAN CITY | Horizon Bancorp, the parent company of Horizon Bank, announced its second acquisition in fourth months.
The Michigan City-based bank signed an agreement to buy all the assets of Indianapolis-based 1st Mortgage of Indiana, Inc., a full-service mortgage lender with a single location in central Indiana.
Horizon will buy the assets of 1st Mortgage in a 100 percent cash transaction. The amount was not disclosed.
"We are extremely pleased to have this opportunity to expand our mortgage presence in the Indianapolis area," said Executive Vice President James Neff. "The addition of this team of mortgage experts, with their commitment to exceptional customer service, is a natural fit for our company."
In November, Horizon spent about $18.4 million to buy Summit Community Bank, which has two locations in the Lansing, Mich., area.
Horizon has been expanding deeper into Michigan, and is building a loan production team in Grand Rapids. The 141-year-old bank also has been bulking up its presence in the Indianapolis market, where it just opened a full-service branch downtown.
The bank, which has an offices throughout northern Indiana and southwestern Michigan, will plant deeper roots in Indianapolis by acquiring 1st Mortgage, a lender that specializes in conventional, jumbo, FHA and VA mortgage loans. The 20-year-old lender serves the entire Indianapolis area out of a single north side Indianapolis location.
Horizon wants to expand its footprint in Indianapolis, and has announced the purchase of land in Carmel for a branch that will open sometime this year.
1st Mortgage owners Cathy and Michael Strawn will lead Horizon's mortgage banking operations in Indianapolis and its affluent north suburbs.
"We are looking forward to becoming part of the Horizon Bank team and the added services we will be able to offer our customers," President Cathy Strawn said.
The deal is expected to close in 30 days.