Horizon becoming a state bank |
Horizon becoming a state bank |
Jun 27 2017, 10:16 AM
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Spends WAY too much time at CBTL Group: Admin Posts: 16,413 Joined: 8-December 06 From: Michigan City, IN Member No.: 2 |
http://www.nasdaq.com/press-release/horizo...-20170626-00592
QUOTE MICHIGAN CITY, Ind., June 26, 2017 (GLOBE NEWSWIRE) -- Horizon Bancorp (NASDAQ:HBNC) announced that its wholly-owned subsidiary, Horizon Bank, N.A., has converted from a national bank to an Indiana state-chartered non-member bank. The charter conversion became effective following the close of business on June 23, 2017. The converted bank will operate under the name Horizon Bank. We expect the primary benefits from converting to a state-chartered bank to include: Aligning Horizon's interests with the Midwest states where we do business; Aligning Horizon's cost structure with other premier state-chartered banks; Lowering Horizon's costs before tax by approximately $432,000 per year; Improving efficiencies in the bank examination process; and Increasing Horizon's support for the Indiana and Michigan Bankers Associations and other Associations in states where we do business. Horizon Bank's deposits continue to be insured by the FDIC to the same extent they were insured before the conversion. About Horizon Bancorp Horizon Bancorp is an independent, commercial bank holding company serving northern and central Indiana, southwest and central Michigan and central Ohio through its commercial banking subsidiary Horizon Bank, an Indiana bank. Horizon also offers mortgage-banking services throughout the Midwest. Horizon may be reached online at www.horizonbank.com. Its common stock is traded on the NASDAQ Global Select Market under the symbol HBNC. |
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