Key Developments: Horizon Bancorp (HBNC.OQ)

HBNC.OQ on NASDAQ Stock Exchange Global Select Market

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Latest Key Developments (Source: Significant Developments)

Horizon Bancorp announces an 18 pct quarterly dividend increase
Friday, 20 Jun 2014 09:30am EDT 

Horizon Bancorp:Says increase in its quarterly dividend from 11 cents to 13 cents per share.This represents an 18.2 pct increase and dividend yield of 2.41 pct based on the price per share of $21.60 as of the close of business on June 17 the date on which the Board approved the increase.Payable on July 18 to shareholders of record on July 3.  Full Article

Horizon Bancorp announces closing of SCB Bancorp Inc. merger
Thursday, 3 Apr 2014 09:47am EDT 

Horizon Bancorp:Completion of acquisition of SCB Bancorp Inc and wholly-owned subsidiary Summit Community Bank.Acquisition was effective April 3.SCB was merged into Horizon and simultaneously Summit Community Bank was merged into Horizon Bank, N.A.  Full Article

Horizon Bancorp announces closing of 1st Mortgage of Indiana, Inc. acquisition
Friday, 28 Feb 2014 03:00pm EST 

Horizon Bancorp:Closed its acquisition of 1(st)Mortgage of Indiana, Inc. effective Feb. 28.As previously announced, 1(st)Mortgage of Indiana, Inc. will operate under the name of Horizon Bank.  Full Article

Horizon Bancorp Enters Into Agreement And Plan Of Merger-Form 8-K
Wednesday, 13 Nov 2013 08:40am EST 

Horizon Bancorp reported in its Form 8-K that on November 12, 2013, the Company entered into an Agreement and Plan of Merger (the Merger Agreement) providing for Horizon’s acquisition of SCB Bancorp, Inc., a Michigan corporation through a statutory merger. Pursuant to the Merger Agreement, SCB will merge with and into Horizon, with Horizon surviving the merger (the Merger), and Summit Community Bank, a Michigan-chartered bank and wholly owned subsidiary of SCB, will merge with and into the wholly owned bank subsidiary of Horizon, Horizon Bank, N.A. (Horizon Bank), with Horizon Bank as the surviving bank. In connection with the Merger, each SCB shareholder who holds at least 100 shares of SCB common stock will receive fixed consideration of 0.4904 shares of Horizon common stock (the Exchange Ratio) for each share of SCB common stock and $5.15 in cash. SCB shareholders holding fewer than 100 shares will receive fixed consideration of $16.35 per share in cash and will not receive any shares of Horizon common stock. Based on Horizon’s November 12, 2013 closing price of $21.43 per share as reported on the NASDAQ Global Market, the transaction value is estimated at $18.4 million. The Merger Agreement also provides for certain termination rights for both Horizon and SCB, and further provides that upon termination of the Merger Agreement under certain circumstances, SCB will be obligated to pay Horizon a termination fee of $700,000.  Full Article

Horizon Bancorp Announces Quarterly Dividend Increase
Friday, 20 Sep 2013 03:36pm EDT 

Horizon Bancorp announced that its Board of Directors has approved an increase in its quarterly dividend from $0.10 to $0.11 per share. This represents a 10.00% increase and a dividend yield of 1.93% based on the price per share of $22.82 as of the close of business on September 17, 2013, the date on which the Board approved the increase. The dividend will be paid on October 11, 2013 to shareholders of record on September 27, 2013.  Full Article

Horizon Bancorp Appoints New Chairman
Thursday, 18 Apr 2013 11:17am EDT 

Horizon Bancorp announced that it has named Craig M. Dwight its new Chairman of the Board as well as Chief Executive Officer. In addition, Horizon Bancorp`s Board of Directors approved an amendment to its By-laws to establish the position of Lead Director whenever one person holds both the Chairman and Chief Executive Officer positions. The Lead Director will serve as a principal liaison between the independent Directors, all Board members, the Chairman and Chief Executive Officer and other members of senior management on matters including corporate policy, strategy and executive management performance. The naming of a Lead Director has gained wide acceptance during the past decade and the boards of many companies have established this position to incorporate an additional level of independence and leadership at the board level. As a result of Mr. Dwight`s appointment as both Chairman and Chief Executive Officer effective July 1, 2013, the Board of Directors has established the Lead Director position effective as of that date. The Company also announced Robert C. Dabagia, will retire as Chairman and a Director of the Company on June 30, 2013.  Full Article

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