Horizon Bancorp. will expand its northwest Indiana footprint via the acquisition of local competitor American Trust & Savings Bank for roughly $2.6 million.
Michigan City, Ind.-based Horizon announced late Tuesday, Dec. 29, that it will acquire roughly $110 million in assets and about $112 million in deposits and federal home loan bank advances from privately held Whiting, Ind.-based American Trust. The buyer will pay a roughly 3% premium on the bank's core deposits -- which tend to include checking and savings deposits -- amounting to about $2.1 million plus $500,000 in additional consideration.
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Michigan City, Ind.-based Horizon announced late Tuesday, Dec. 29, that it will acquire roughly $110 million in assets and about $112 million in deposits and federal home loan bank advances from privately held Whiting, Ind.-based American Trust. The buyer will pay a roughly 3% premium on the bank's core deposits -- which tend to include checking and savings deposits -- amounting to about $2.1 million plus $500,000 in additional consideration.
Claim Your Free Book "Make Real Money On The Internet"
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