The Office of the Comptroller of the Currency has approved Horizon Bancorp's (HBNC) request to acquire SCB Bancorp of East Lasting, Mich., and its subsidiary, Summit Community Bank.
Horizon, of Michigan City, Ind., announced in November that it had struck a deal to acquire SBC for $18.4 million in cash and stock. The deal is expected to close in the second quarter.
Horizon, with $1.8 billion of assets, has 30 branches in Indiana and Michigan, and SCB has $160 million of assets and two branches.
In January, Horizon reported record net income of $19.9 million for 2013, up 2% from a year earlier. Executives attributed the results in part to the "excellent additions" to its commercial team and continued investments "in markets that offer additional growth potential."