[Southsider2k12]

http://www.nwitimes.com/business/local/reg...939680b2a2.html

Federal regulatory authorities have cleared the way for Horizon Bancorp to acquire LaPorte Bancorp in a cash-and-stock deal.

Michigan City-based Horizon Bank plans to buy The LaPorte Savings Bank for $94.1 million. The Officer of the Comptroller of the Currency and the Federal Reserve Board has approved the merger, which would reduce the number of locally owned community banks based in Northwest Indiana to five.

“We are very pleased to have received these regulatory approvals to complete the merger and that the approval process went smoothly and efficiently,” Horizon Chief Executive Officer Craig Dwight said.

“This helps keep us on target to complete the merger by our original target date of July 2016."

LaPorte Bancorp shareholders still must approve the merger with Horizon, which is publicly traded on NASDAQ and has a market valuation of more than $300 million. A special meeting for stockholders to vote on the deal will take place on July 11 at the bank.

Shareholders have until July 8 to decide if they want cash or shares of Horizon common stock, which will account for 65 percent of the transaction. Horizon shares were trading above $24 Friday.

“I am extremely happy with the progress being made by both The LaPorte Savings Bank and Horizon Bank integration teams, and we are pleased that these regulatory approvals have been obtained in such a timely fashion,” The LaPorte Savings Bank President and Chief Financial Officer Michele Thompson said.

“I am confident that our teams will continue to work well together, meeting the anticipated closing date of the merger.”

[diggler]

Curious what kind of negative interest rates these banks are offering on deposits these days.

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[Southsider2k12]

I am pretty fond of my 3% mortgage, personaly.