Horizon Bank plans to buy Indianapolis-based Salin Bank and Trust Co. in a $135.3 million cash and stock deal.
Michigan City-based Horizon Bank will take over the third largest privately held bank in the state, 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. It will expand its presence in Indianapolis and Lafayette and enter the new markets of Fort Wayne and Columbus.
“Horizon is enthusiastic about this merger, as it complements our current Indiana locations and provides entry into the attractive growth markets of Fort Wayne and Columbus, Indiana," Horizon Bank President and CEO Craig Dwight said.
Over the past 145 years, Horizon Bank has amassed $4.2 billion in assets and 66 branches across Indiana and Michigan. Long-established in Northwest Indiana, it has been pushing more to grow in central Indiana over the last several years.
“Horizon is a natural fit for Salin due to our complementary markets, common values, and support for the local communities we serve," Salin Bank President and CEO James Alender said. "This merger will provide Salin new opportunities to increase the depth of products and services we can offer to our customers, including higher lending limits, robust residential mortgage products, and enhanced mobile and internet banking.”
The deal should be completed early next year, if approved by shareholders and regulators. All the Salin branches will be rebranded as Horizon Bank, as is customary with such acquisitions.
“I have taken tremendous pride in serving Hoosiers throughout my lifetime, and, specifically, their banking needs throughout our family’s ownership in Salin Bank," William Salin said on behalf of the Salin family that founded the bank. "We are pleased that our staff will flourish and our customers will be well-served in joining Horizon, and that the Salin family will continue to be heavily invested in such a fine Indiana community bank.”