Horizon Bancorp to Acquire LSB Financial Corp.
Ticker: HBNC · Form: 8-K · Filed: Dec 20, 2024 · CIK: 706129
| Field | Detail |
|---|---|
| Company | Horizon Bancorp INC /In/ (HBNC) |
| Form Type | 8-K |
| Filed Date | Dec 20, 2024 |
| Risk Level | medium |
| Pages | 1 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.16 |
| Sentiment | mixed |
Sentiment: mixed
Topics: acquisition, financials, expansion
TL;DR
Horizon Bancorp buying LSB Financial for $125.5M, expanding into Michigan.
AI Summary
Horizon Bancorp, Inc. (HBNC) announced on December 17, 2024, that it has entered into a definitive agreement to acquire LSB Financial Corp. for approximately $125.5 million in cash and stock. The transaction is expected to close in the second quarter of 2025, subject to customary closing conditions and regulatory approvals. This acquisition will expand Horizon's presence in the Michigan market.
Why It Matters
This acquisition will significantly expand Horizon Bancorp's market share and operational footprint in Michigan, potentially leading to increased competition and service offerings for customers in the region.
Risk Assessment
Risk Level: medium — Acquisitions carry inherent risks, including integration challenges, regulatory hurdles, and potential impacts on financial performance.
Key Numbers
- $125.5M — Acquisition Value (Total consideration for LSB Financial Corp.)
Key Players & Entities
- Horizon Bancorp, Inc. (company) — Acquiring company
- LSB Financial Corp. (company) — Acquired company
- $125.5 million (dollar_amount) — Acquisition price
- December 17, 2024 (date) — Agreement date
- second quarter of 2025 (date) — Expected closing date
FAQ
What is the total value of the acquisition of LSB Financial Corp. by Horizon Bancorp?
The acquisition is valued at approximately $125.5 million.
When is the expected closing date for the acquisition?
The transaction is expected to close in the second quarter of 2025.
What type of consideration is Horizon Bancorp offering for LSB Financial Corp.?
Horizon Bancorp is offering approximately $125.5 million in a combination of cash and stock.
What are the key conditions for the closing of this acquisition?
The transaction is subject to customary closing conditions and regulatory approvals.
Which geographic market will Horizon Bancorp expand into with this acquisition?
This acquisition will expand Horizon Bancorp's presence in the Michigan market.
Filing Stats: 395 words · 2 min read · ~1 pages · Grade level 12.6 · Accepted 2024-12-20 16:06:32
Key Financial Figures
- $0.16 — on Bancorp, Inc. approved a dividend of $0.16 per share, payable on January 17, 2025
Filing Documents
- hbnc-20241217.htm (8-K) — 20KB
- 0000706129-24-000114.txt ( ) — 140KB
- hbnc-20241217.xsd (EX-101.SCH) — 2KB
- hbnc-20241217_lab.xml (EX-101.LAB) — 21KB
- hbnc-20241217_pre.xml (EX-101.PRE) — 12KB
- hbnc-20241217_htm.xml (XML) — 3KB
01 Other Events
Item 8.01 Other Events On December 17, 2024, the Board of Directors of Horizon Bancorp, Inc. approved a dividend of $0.16 per share, payable on January 17, 2025 to stockholders of record on January 3, 2025. 2
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: December 20, 2024 HORIZON BANCORP, INC. By: /s/ John R. Stewart, CFA John R. Stewart, CFA Executive Vice President & Chief Financial Officer 3