Horizon Bancorp in Michigan City, Ind., has agreed to buy CNB Bancorp in Attica, Ind.
The $2.6 billion-asset Horizon said in a press release Tuesday that it will pay $12 million in cash for the $55 million-asset parent of Central National Bank and Trust, including a $6.7 million special dividend. The deal is expected to close in the fourth quarter.
"We are enthusiastic about this merger, as it is consistent with Horizon's philosophy of partnering with banks that hold core values similar to ours and a commitment to serving their local communities," Craig Dwight, Horizon's chairman and chief executive, said in the release. "This merger provides an excellent complement for Horizon to fill in the gap between our branch locations in northern and central Indiana."
Horizon Bancorp was advised by Barnes & Thornburg. CNB Bancorp was advised by SmithAmundsen and Renninger & Associates.