Horizon in Indiana to Buy 1st Mortgage Assets

Published February 10, 2014, 1:13 p.m. EST

Updated February 10, 2014, 1:22 p.m. EST

1 Min Read

Horizon Bancorp in Michigan City, Ind., has agreed to buy the assets of 1^st Mortgage of Indiana in Indianapolis.

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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, 1^st 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.

Evan Nemeroff

Managing Editor

Evan Nemeroff joined SourceMedia in January 2011 as a reporter for Mortgage Servicing News� Managing REO. Topics that he writes about includes REO... Read full bio

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