Horizon Bancorp of Michigan City, Ind., announced Tuesday that it had raised the price in its previously announced deal for Alliance Financial Corp. of New Buffalo, Mich., by 12%, to $13.1 million in cash.
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Horizon, which has $914 million of assets, said it was responding to a counteroffer that a Chicago-area bank made two weeks ago for the $129 million-asset Alliance. It did not name the other bank or say how much it had offered, except that it was more than the deal price originally announced, which was $11.7 million.
The 14-year-old Alliance would its first bank acquisition in more than a decade. The deal was announced Feb. 25.
