BELLINGHAM, Wash. - Horizon Bank said its board has unanimously approved a plan to form a holding company with Horizon Bank as the principal subsidiary.

Under the plan, the existing stockholders of the bank will exchange their shares of Horizon common stock for an equal number of shares of the new holding company, which will own all of the outstanding shares of Horizon Bank.

The proposed holding company has not formulated any specific business plans regarding diversification or acquisitions.

Horizon Bank has $442 million in assets and operates 11 branches.

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