Indiana-based Horizon Bancorp has closed the proposed acquisition of Salin Bancshares, a bank headquartered in the same state.
The deal, first announced in October 2018, is valued at nearly $135.3m.
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Horizon paid for the deal in cash as well as stock.
The transaction involved a swap of each Salin share for $87,417.17 in cash and 23,907.5 shares of Horizon common stock.
Under the agreement, Salin was merged into Horizon.
Horizon unit Horizon Bank merged with Salin Bank and Trust Company, the wholly-owned subsidiary of Salin.
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By GlobalDataThe combined group will use the Horizon Bank brand.
At the time of deal announcement, Horizon CEO Craig Dwight said: “Horizon is enthusiastic about this merger, as it complements our current Indiana locations and provides entry into the attractive growth markets of Fort Wayne and Columbus, Indiana.
“In addition, Salin Bank’s presence in Indianapolis and Lafayette, Indiana will add to Horizon’s current footprint in these dynamic markets.
“We fully expect that our complementary product offerings and commitment to the local communities and employees will result in success for the shareholders of the combined company.”
Salin has presence in Columbus, Delphi, Edinburgh, Fishers, Flora, Fort Wayne, Galveston, Gas City, Kokomo, Lafayette, Logansport, Marion, West Lafayette, and Indianapolis.
The firm’s assets totalled nearly $918.4m as at 30 September 2018.
