In a bid to get its bank unit adequately capitalized, Horizon Bancorp. Inc. in Bradenton, Fla., is trying to raise $5 million in a private placement of convertible preferred stock.

The $207 million-asset company said in a Securities and Exchange Commission filing this week that it has $405,000 in subscriptions for the offering but that it must raise at least $3.5 million to complete the deal.

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