Horizon Bancorp buys 1st Mortgage of Indiana
Under the terms of the agreement, Horizon will purchase the assets of 1st Mortgage of Indiana in a 100% cash transaction. This transaction is expected to close within the next 30 days.
Horizon Bancorp is a community bank holding company headquartered in Michigan City, Indiana with total assets of $1.7 billion as of December 31, 2013. Horizon Bancorp's wholly-owned subsidiary, Horizon Bank, still operates under its original charter, dating back to 1873, with a footprint of twenty-nine offices extending throughout northern and central Indiana as well as southwestern Michigan.
Located in Indianapolis, Indiana, 1st Mortgage of Indiana, Inc. is a mortgage lender specializing in conventional, Jumbo, FHA and VA Mortgage loans. Founded in 1994, 1st Mortgage of Indiana offers mortgage services to the greater Indianapolis market area from their single location at 9292 North Meridian Street.
Horizon Bank's executive vice president James D. Neff explained that this partnership provides an excellent opportunity to expand Horizon's current market presence into the greater Indianapolis area. This expansion will complement Horizon's growing footprint in Indianapolis, where Horizon recently opened a new full-service branch at 302 N. Alabama Street as well as announcing land acquisition in Carmel, Indiana for a proposed branch to be completed later in 2014.
The owners of 1st Mortgage of Indiana, Cathy and Michael Strawn, will remain and lead Horizon's mortgage banking operations in Central Indiana, from Indianapolis and north of the city. ■