Horizon Bancorp in Michigan City, Ind., has agreed to buy Kosciusko Financial in Mentone, Ind.
The $2.7 billion-asset Horizon said in a press release Friday that it will pay $22.5 million, or $81.75 a share, in cash and stock for the $148 million-asset parent of Farmers State Bank. The deal is expected to close in the second 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. "Horizon will add value to Farmers State Bank's customer base through our customer service guarantees, extensive product menu and online banking services. … Farmers State Bank's agricultural, business banking and mortgage lending services align well with Horizon's primary revenue streams."
Horizon Bancorp was advised by Raymond James and Barnes & Thornburg. Kosciusko was advised by Austin Associates; Rockhill Pinnick; and Shumaker, Loop & Kendrick.