Bailout Bank Bio: Horizon Bancorp

Jan 8, 2009 | 2 min read | Print Article

Horizon Bancorp is a bank holding company for Horizon Bank, which provides services in commercial banking. Horizon Bank operates two full service branches, one in Benton Harbor, Michigan and one in Valparaiso, Indiana, along with 14 other full service facilities in Northwest Indiana and Southwest Michigan. Horizon Bancorp is headquartered in Michigan City, Indiana. According to the company's press release: Horizon Bancorp will receive $25 million as part of the Treasury Department's Capital Purchase Program, in exchange for 25,000 Series A shares of Preferred Stock that will pay a “5% dividend for each of the first five years of the investment (which will total $1,250,000 a year) and 9% per year thereafter (which will total $2,250,000 a year) unless Horizon redeems the shares.” Further, “the preferred shares will qualify as Tier I capital and are callable by Horizon after three years. As part of its investment, the Treasury will also receive a warrant to purchase approximately 231,817 shares of common stock of Horizon, with an exercise price of approximately $16.18 per share.”

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Bailout Bank Bio: Horizon Bancorp


Federal Equity Investment	$25 million
Total Revenue	$87.34 million
Net Income	$8.14 million
Number of Employees	265
Corporate Headquarters	Michigan City, Indiana
Business Sector	Financial
Officers and Directors	Robert C. Dabagia, Chairman of the Board Craig M. Dwight, President, Chief Executive Officer, Director Mark E. Secor, Chief Financial Officer
Corporate Website	http://www.accesshorizon.com
Executive Compensation	Horizon Bancorp