Horizon Bancorp To Acquire SCB Bancorp In $18.4 Mln Cash-stock Deal

(RTTNews) - Horizon Bancorp. (HBNC) announced Wednesday that it agreed to acquire SCB Bancorp, Inc. and its wholly-owned subsidiary, Summit Community Bank, through a stock and cash merger.

As per the terms of the merger agreement, shareholders of SCB will receive fixed consideration of 0.4904 shares of Horizon common stock and $5.15 in cash for each share of SCB common stock. Based upon the November 12, 2013, closing price of $21.43 per share of Horizon common stock, the transaction is valued at about $18.4 million.

Headquartered in East Lansing, Michigan, SCB, through its wholly-owned subsidiary Summit Community Bank, serves the greater Lansing area through two full-service banking locations. As of September 30, 2013, Summit Community Bank had total assets of $161.0 million.

Horizon Bancorp is a community bank holding company headquartered in Michigan City, Indiana with total assets of $1.8 billion as of September 30, 2013.

The transaction is expected to be completed in the second quarter of 2014, subject to approval by federal and state regulatory authorities and SCB shareholders as well as the satisfaction of other closing conditions provided in the merger agreement.

The merger agreement also provides that Summit Community Bank will be merged into Horizon Bank, the wholly-owned subsidiary of Horizon Bancorp.