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Warner Norcross + Judd LLP is a corporate law firm with over 230 attorneys serving clients in nine offices throughout Michigan. Among the largest law firms in Michigan, Warner works in virtually all areas of business law.

Michigan Law Firm - Warner Norcross + Judd LLP

On May 25, 2021, Horizon Bank, a wholly owned subsidiary of Horizon Bancorp, Inc. (NASDAQ GS: HBNC) (“Horizon”), announced it has entered into a definitive purchase and assumption agreement to acquire 14 TCF National Bank (“TCF”) branches in 11 Michigan counties with approximately $976 million in deposits and $278&nbsp;million in associated loans, which are being divested by TCF Financial Corporation in connection with its merger with Huntington Bancshares Incorporated.

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Horizon agreed to pay 1.75% premium on deposits to be acquired at closing, or $17.1 million based on deposits outstanding of approximately $976 million at March 31, 2021. Horizon expects the transaction to be in excess of 17% accretive to 2022 earnings per share, excluding non-recurring&nbsp;transaction-related expenses. Tangible book value dilution is expected to be 5.0%, with a tangible book value earnback of approximately two years. An internal rate of return of approximately 21% is anticipated. &nbsp; The transaction is expected to be completed by the end of the third quarter of 2021. Horizon plans to add over 50,000 retail and small business accounts and the entire workforce of the acquired branches. Additionally, Horizon is acquiring performing residential mortgage, consumer and small business loans at a 3.50% discount. Outstanding loans to be acquired totaled approximately $278 million at March 31, 2021, of which more than 86% were associated with deposit accounts at the 14 branches. &nbsp; To read the full announcement, click&nbsp;<a href="https://investor.horizonbank.com/news-and-presentations/news/news-details/2021/Horizon-Bank-to-Acquire-14-TCF-National-Bank-Branches-in-Michigan-with-976-Million-in-Deposits-and-278-Million-in-Loans/default.aspx" target="_blank" rel="noreferrer noopener">here</a>.

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Headquartered in Michigan City, Indiana, Horizon Bancorp, Inc. is the $6.1 billion-asset bank holding company for Horizon Bank, which serves customers across diverse and economically attractive Midwestern markets through convenient digital and virtual tools, as well as its Indiana and Michigan branches. Horizon’s retail offerings include prime residential, indirect auto and other secured consumer lending and a range of personal banking and wealth management solutions. Horizon also provides treasury management services and commercial lending. Learn more about Horizon by visiting&nbsp;<a href="https://www.horizonbank.com/" target="_blank" rel="noreferrer noopener">horizonbank.com</a>&nbsp;or&nbsp;<a href="https://investor.horizonbank.com/corporate-information/corporate-profile/default.aspx" target="_blank" rel="noreferrer noopener">investor.horizonbank.com</a>. &nbsp; Warner Norcross + Judd LLP served as legal advisor to Horizon in the transaction. Donnelly Penman &amp; Partners provided financial advisory services and issued a fairness opinion to Horizon in connection with the transaction. The Warner transaction team was led by Jeffrey Ott and included Charlie Goode, Emily Cantor, Rodney Martin, Corinne Sprague, Daniel Persinger, Rob Davies and Scott Watson.

As part of one of the largest and most successful law firms in Michigan, the attorneys in Warner’s Banking Law Practice Group counsel banks and bank holding companies to develop capital raising strategies and to execute public offerings and private placements of securities. Our attorneys practice all aspects of banking law, including bank formations, mergers and acquisitions, strategic transactions, commercial lending, consumer credit, negotiable instruments, bank litigation, workouts and bankruptcy, leveraged leasing, antitrust and regulatory compliance. For more information on our&nbsp;<a href="http://wnj.com/industries/financial-institutions" target="_blank" rel="noreferrer noopener">Banking Law</a>&nbsp;and&nbsp;<a href="https://www.wnj.com/practices/corporate/mergers-and-acquisitions" target="_blank" rel="noreferrer noopener">Mergers and Acquisitions</a>&nbsp;Practice Groups, visit&nbsp;<a href="https://www.wnj.com/" target="_blank" rel="noreferrer noopener">wnj.com</a>.

Financial Institutions

Partner

Emily E. Cantor

Rob M. Davies

Charlie Goode

Of Counsel

Rodney D. Martin

Jeffrey A. “Jeff” Ott

Senior Counsel

Daniel C. “Dan” Persinger

Corinne N. Sprague Curtis

Mergers and Acquisitions

Warner Represents Horizon Bank in Acquisition of 14 TCF Branches

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Warner Represents Horizon Bank in Acquisition of 14 TCF Branches

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