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Horizon in Indiana to Buy 1st Mortgage Assets

FEB 10, 2014 1:13pm ET
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Horizon Bancorp in Michigan City, Ind., has agreed to buy the assets of 1st Mortgage of Indiana in Indianapolis.

Horizon will pay an undisclosed amount of cash in a transaction that is expected to close in the next 30 days.

The $1.8-billion-asset Horizon is gaining a lender that specializes in conventional, jumbo, FHA and VA mortgage loans. Cathy and Michael Strawn, 1st Mortgage’s owners, will join Horizon's mortgage banking operations in central Indiana.

Horizon, which recently opened a branch in Indianapolis, is interested in opening a second branch in Carmel, Ind., later this year. The company has 29 branches in Indiana and southwestern Michigan.

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