[Southsider2k12]

http://www.streetinsider.com/Corporate+New...t/11824420.html

Horizon Bancorp (NASDAQ: HBNC) (“Horizon”) and CNB Bancorp today announced they have executed a definitive merger agreement (the “Merger Agreement”) pursuant to which Horizon will acquire CNB Bancorp, parent company of The Central National Bank and Trust Company (“Central National Bank & Trust”).

Under the terms of the Merger Agreement, stockholders of CNB Bancorp will receive cash consideration consisting of a special dividend (calculated as capital in excess of 8% of CNB Bancorp’s total assets, less certain after tax transaction costs, all as described in the Merger Agreement) and an amount to be paid by Horizon equal to 120% of remaining capital. These amounts will be determined as of the end of the month prior to the closing of the merger. These amounts are dependent on CNB Bancorp’s earnings and other factors, but if the cash consideration for the stockholders were calculated as of March 31, 2016, the stockholders would receive, in the aggregate, a $6.7 million special dividend and a $5.3 million payment from Horizon.