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Stock Market & Financial Investment News

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April 3, 2014
09:50 EDTHBNCHorizon Bancorp announces closing of SCB Bancorp merger
Horizon Bancorp announces the completion of the acquisition of SCB Bancorp and its wholly-owned subsidiary, Summit Community Bank, effective April 3 through the merger that was initially announced in November of 2013. Pursuant to the merger, SCB was merged into Horizon and simultaneously Summit Community Bank was merged into Horizon Bank, N.A. As previously announced, the banks will operate under the name Horizon Bank. Horizon determined from its original due diligence not to retain Summitís residential mortgage lending team known as the Home Loan Center. As a result, that business unit is being discontinued. This decision was based on the cost structure and fixed overhead of the business unit.
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