Horizon Bank has received federal approval to buy 14 Huntington Bank Branches, which TCF Financial Corp. has to divest when it acquires Huntington Bank.
The deal will extend the Michigan City-based bank's reach across 11 more Michigan counties.
Horizon Bank will gain $976 million more in deposits and $278 million more in loans as a result of the deal.
“Regulators responding with the required approvals necessary to complete the acquisition of these branches throughout communities in Michigan takes us one step closer to our goal,” said Craig Dwight, chairman and CEO of Horizon Bank. “Our teams have been working diligently towards these branches becoming a part of Horizon in mid-September. We look forward to offering our robust line of products and services – including all the online and digital banking conveniences we know customers expect today – backed by the personal service we believe is still unique to community banking."
It will be Horizon Bank's 15th acquisition since 2002. The bank has bought five smaller financial institutions over the last five years.
Donnelly Penman & Partners and Warner Norcross + Judd LLP advised Horizon Bank on the deal, which is expected to close on the weekend of Sept. 18.
Horizon will add 50,000 more accounts, primarily retail and small businesses. It plans to retain the entire workforce of the Huntington National Bank branches it's absorbing.
“We look forward to opening the doors of these branches as Horizon Bank in mid-September. With our new team members, we are excited to once again prioritize community involvement and dedication to customer service that is best delivered by local, seasoned bankers who also call these communities home,” Dwight said.
Founded in 1873, Horizon Bank now has $6.1 billion in assets and branches in Indiana and Michigan. About half of its loans are commercial.