Though healthy companies scouting for acquisitions lately have preferred takeovers of failed banks, a deal in Indiana this week showed that a market for struggling banks exists for those willing to get creative.

With little competition, Horizon Bancorp in Michigan City, Ind., was able to create its own playbook for a deal announced late Tuesday in which the company agreed to buy pieces of the $122 million-asset American Trust and Savings Bank in Whiting, Ind.

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