Horizon Bank has secured regulatory green light to advance with the acquisition of 14 The Huntington National Bank branches.
The deal was approved by Federal Deposit Insurance Corporation.
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Horizon Bancorp, the parent of Horizon Bank, signed a deal in May to purchase the 14 branches located in 11 Michigan counties.
The banking centres were then operated by TCF National Bank, which later merged with Huntington Bancshares.
The deal is now expected to close in September. The branches are also expected to complete integration with Horizon Bank at the same time.
Once complete, the branches will add $976m in deposits and $278m in associated loans to Horizon’s books. The bank will gain around 50,000 primarily retail and small business customers.
Additionally, the entire workforce employed at the branches will migrate under the new ownership.
Horizon chairman and CEO Craig Dwight said: “Regulators responding with the required approvals necessary to complete the acquisition of these branches throughout communities in Michigan takes us one step closer to our goal.
“Our teams have been working diligently towards these branches becoming a part of Horizon in mid-September. We look forward to offering our robust line of products and services – including all the online and digital banking conveniences we know customers expect today – backed by the personal service we believe is still unique to community banking.”
The branch transaction will be Horizon Bank’s fifth in the last five years.
