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Horizon Bank closes on purchase of Salin Bank in Indianapolis

Horizon Bank at Five Points in Indianapolis. The bank purchased Salin Bank in Indianapolis.

Horizon Bank closed on its previously announced acquisition of Salin Bank and Trust in a $135.3 million cash and stock deal.

The Indianapolis-based bank was immediately merged into the 145-year-old Michigan City-based Horizon Bank as of Tuesday.

Salin Bank had been the third-largest privately owned bank in Indiana with $918.4 million in assets and 20 branches in Columbus, Delphi, Edinburgh, Fishers, Flora, Fort Wayne, Galveston, Gas City, Kokomo, Lafayette, Logansport, Marion, West Lafayette and Indianapolis.

Horizon Bank President and Chief Executive Office Craig Dwight said Salin's footprint across Indiana complemented its own branches across the Hoosier state.

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Horizon also will use the acquisition as a way to enter the Fort Wayne and Columbus, Indiana, markets, which Dwight said presented attractive opportunities for future growth.

All Salin Bank branches will be rebranded with the Horizon Bank brand, which is customary after such mergers.

Serving Indiana and Michigan, Horizon Bank has more than $4.2 billion in assets. It has acquired many smaller banks in recent years, including Michigan-based Wolverine Bank, Lafayette Community Bank, LaPorte Savings Bank, The Central National Bank and Trust Co. in Attica, Indianapolis-based 1st Mortgage of Indiana and Franklin-based Heartland Bank.

Last year, the independent commercial bank, which is traded on the NASDAQ Global Select Market under the symbol HBNC, turned a record profit of $53.1 million, a record $1.38 per share. Horizon Bank's tangible book value per share ended the year at $9.43, which also was the most in its 145-year history.

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Business Reporter

Joseph S. Pete is a Lisagor Award-winning business reporter who covers steel, industry, unions, the ports, retail, banking and more. The Indiana University grad has been with The Times since 2013 and blogs about craft beer, culture and the military.