Horizon Bancorp, the seventh-largest banking company in West Virginia by deposit market share, said it is "undergoing a review of its strategic alternatives."

The $1 billion-asset bank announced this week that it has hired the investment banking firm Baxter Fentriss & Co. for advice in reviewing its strategy, which could include selling to a "like-minded community banking organization."

Takeover-sensitive investors quickly pounced on the news that the bank has apparently put itself on the block. Horizon shares rose $2.75, to $37.50, by midday Thursday, and trading volume was more than double the average.

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