Indiana-based Horizon Bancorp has agreed to acquire local peer Salin Bancshares in a deal valued at around $135.3m.
Under the agreement, Horizon subsidiary Horizon Bank will merge with Salin subsidiary Salin Bank and Trust Company.
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The takeover is said to strengthen Horizon’s presence in central and northeast Indiana, add new offices in Fort Wayne and Columbus, as well as increase existing presence in Indianapolis and Lafayette.
As per the agreed terms of the deal, Salin shareholders will be entitled to receive $87,417.17 in cash and 23,907.5 shares of Horizon common stock for each share held.
The merged entity will adopt the Horizon brand following the completion of the deal, which is expected in the first quarter of next year.
The transaction is currently pending shareholder and regulatory nod.
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By GlobalDataSalin CEO James Alender said: “Horizon is a natural fit for Salin due to our complementary markets, common values, and support for the local communities we serve.
“This merger will provide Salin new opportunities to increase the depth of products and services we can offer to our customers, including higher lending limits, robust residential mortgage products, and enhanced mobile and internet banking.”
Salin has 20 banking centres across Columbus, Delphi, Edinburgh, Fishers, Flora, Fort Wayne, Galveston, Gas City, Kokomo, Lafayette, Logansport, Marion, West Lafayette, and Indianapolis. The firm managed around $918.4m in assets at the end of September 2018.
