Horizon Bancorp in Michigan City, Ind., has completed its purchase of American Trust and Savings Bank of Whiting, Ind., the companies said Tuesday.
Horizon purchased approximately $107 million in assets and assumed all of the deposits of American Trust, along with three branches. The company also assumed liability for $3.5 million of trust-preferred securities from AmTrust Inc., American Trust's parent company.
The deal brings Horizon's total assets to $1.4 billion, and expands its network to 22 offices in northern Indiana and southwest Michigan. The branches will operate under Horizon's name.
American Trust's former president, Philip J. Grenchik Sr., will stay on with Horizon as market president, and former executive vice president David Dolak will serve as vice president.