Benzinga | Aug 9, 2021 11:53AM EDT

Horizon Bank Announces Receipt Of Regulatory Approvals To Acquire 14 Of The Huntington National Bank Branches

Horizon Bank, a wholly owned subsidiary of Horizon Bancorp, Inc. (NASDAQ GS: HBNC) ("Horizon"), announced that the Federal Deposit Insurance Corporation has approved the purchase and assumption agreement to acquire 14 of The Huntington National Bank branches in 11 Michigan counties with, as previously announced on May 25, 2021, approximately $976 million in deposits and $278 million in associated loans. The branches, which were previously operated by TCF National Bank, a wholly owned subsidiary of TCF Financial Corporation, are being divested in connection with TCF Financial Corporation's merger with Huntington Bancshares Incorporated.



"Regulators responding with the required approvals necessary to complete the acquisition of these branches throughout communities in Michigan takes us one step closer to our goal," said Craig Dwight, Chairman and Chief Executive Officer of Horizon. "Our teams have been working diligently towards these branches becoming a part of Horizon in mid-September. We look forward to offering our robust line of products and services -- including all the online and digital banking conveniences we know customers expect today -- backed by the personal service we believe is still unique to community banking," Craig Dwight continued.

As an experienced integrator, this branch transaction will be Horizon Bank's 15th acquisition since 2002 and 5th in the last 5 years. The transaction close and conversion will take place simultaneously and is expected to occur the weekend of September 18, 2021. Horizon expects to add over 50,000 primarily retail and small business customer accounts and the entire workforce of the acquired branches.

"We look forward to opening the doors of these branches as Horizon Bank in mid-September. With our new team members, we are excited to once again prioritize community involvement and dedication to customer service that is best delivered by local, seasoned bankers who also call these communities home," added Dwight.

Donnelly Penman & Partners served as financial advisor and Warner Norcross + Judd LLP served as legal advisor to Horizon on the transaction.