SCB Bancorp, Inc. has been acquired by Horizon Bancorp

On April 3, 2014, Horizon Bancorp (NASDAQ GM: HBNC) (“Horizon”) announced the completion of the acquisition of SCB Bancorp, Inc. (“SCB”) and Summit Community Bank through the merger that was initially announced on November 13, 2013. Pursuant to the merger, SCB was merged into Horizon and simultaneously Summit Community Bank was merged into Horizon Bank, N.A. Under the terms of the merger agreement, shareholders of SCB received fixed consideration of 0.4904 shares of Horizon common stock and $5.15 in cash for each share of SCB common stock. Based upon the April 2, 2014, closing price of $22.44 per share of Horizon common stock, the transaction is valued at approximately $18.8 million.

The team of bankers at Summit Community Bank will continue to be led by John Abbott, the Bank’s former President and Chief Executive Officer. It is also expected that Horizon will establish a local advisory board in the greater Lansing area that will be appointed by Mr. Abbott.