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Economic shifts are driving community banks back into the mortgage-purchase market, but the very same forces are squelching demand. So small banks will have to start buying established mortgage originators if PE firms don't buy the same targets first.
September 13 -
Horizon Bancorp (HBNC) in Michigan City, Ind., has agreed to buy SCB Bancorp (SCB) in East Lansing, Mich.
November 13 -
Horizon Bancorp (HBNC) in Michigan City, Ind., has named a new chief financial officer and made two other executive promotions.
December 19
Horizon Bancorp (HBNC) in Michigan City, Ind., has agreed to buy the assets of 1st Mortgage of Indiana in Indianapolis.
Horizon will pay an undisclosed amount of cash in a transaction that is expected to close in the next 30 days.
The $1.8 billion-asset Horizon is gaining a lender that specializes in conventional, jumbo, FHA and VA mortgage loans. Cathy and Michael Strawn, 1st Mortgage's owners, will join Horizon's mortgage banking operations in central Indiana.
Horizon, which recently opened a branch in Indianapolis, is interested in opening a second branch in Carmel, Ind., later this year. The company has 29 branches in Indiana and southwestern Michigan.
