Horizon Bancorp in Michigan City Ind., has agreed to purchase Salin Bancshares in Indianapolis.
The $4.2 billion-asset Horizon said in a press release Monday that it will pay $135.3 million in stock for the $918 million-asset Salin. The deal is expected to close in the first quarter.
Horizon said the acquisition will increase core deposits, expand its presence in central and northeastern Indiana and add offices in growth markets.
The acquisition “complements our current Indiana locations and provides entry into the attractive growth markets of Fort Wayne and Columbus, Indiana,” Craig Dwight, Horizon's CEO, said in the release. “We fully expect that our complementary product offerings and commitment to the local communities and employees will result in success for the shareholders of the combined company.”
Salin has 20 branches in 10 counties in Indiana. Horizon has 66 branches.
“Horizon is a natural fit for Salin due to our complementary markets, common values and support for the local communities we serve,” James Alender, Salin's president and CEO, said in the release. “Salin has a wonderful history and commitment to excellence, which is our strength and the foundation under everything we do.”
The sale will increase the depth of products and services Salin can offer customers, including higher lending limits, residential mortgage products and enhanced mobile and internet banking, Alender said.
Stephens, Renninger & Associates and Barnes & Thornburg advised Horizon. Hovde Group and SmithAmundsen advised Salin.
