Horizon Bancorp, SCB Bancorp Receive Regulatory Approvals For Merger

(RTTNews) - Horizon Bancorp (HBNC) and SCB Bancorp, Inc. said Friday that the Office of the Comptroller of Currency has approved, and the Federal Reserve Board has waived the approval requirement for, Horizon's proposed acquisition of SCB and its banking subsidiary, Summit Community Bank.

The deal, which was originally announced in November, remains subject to approval by SCB's shareholders as well as the satisfaction of other closing conditions.

SCB will hold its special meeting of shareholders on March 25, at which the shareholders will vote on the proposed merger.

The merger agreement provides that SCB will be merged into Horizon and simultaneously Summit Community Bank will be merged into Horizon's banking subsidiary, Horizon Bank, N.A.