ICHIGAN CITY, Ind. and LAFAYETTE, Ind., May 23, 2017 -- Horizon Bancorp (NASDAQ:HBNC) (“Horizon”) and Lafayette Community Bancorp (OTC Pink:LFYC) (“Lafayette”), today announced they have executed a definitive agreement whereby Horizon will acquire Lafayette Community Bancorp and its wholly-owned subsidiary, Lafayette Community Bank, through a stock and cash merger.

Under the terms of the merger agreement, shareholders of Lafayette will receive fixed consideration of 0.5878 shares of Horizon common stock and $1.73 in cash for each share of Lafayette’s common stock. Based upon the May 22, 2017 closing price of $25.38 per share, the implied price of Lafayette common stock is $16.64 per share. On December 29, 2016, Horizon purchased 90,574 shares, or 4.65%, of Lafayette’s outstanding common stock from a Lafayette shareholder. Based on the closing price of Horizon’s common stock on May 22, 2017, the transaction value for the shares of common stock, owned by shareholders other than Horizon, is approximately $32.0 million. Shareholders owning less than 100 shares of Lafayette common stock will receive $17.25 in cash for each share.

MICHIGAN CITY -

Michigan City-based Horizon Bancorp (Nasdaq: HBNC) has announced the completion of its merger with Lafayette Community Bancorp. Horizon says the integration of Lafayette Community Bank into the Horizon Bank brand will take place later this month.

The acquisition will bring four additional bank branches under the Horizon name, bringing Horizon's branch network to 60 offices in Indiana, Michigan and Ohio. The bank says as the integration takes place, customers will see their accounts automatically change to Horizon accounts with no action required on the part of the customer.

"We’re confident customers will be pleased that many of the familiar faces they’ve come to know and trust will remain with Horizon at their local branch, and they will still be completely invested in the Lafayette community," said Craig Dwight, chief executive officer of Horizon. "Teaming up with the experienced banking professionals at Lafayette Community Bank has truly been a pleasure. They are a cohesive group of professionals committed to their customers and the community."