Horizon, La Porte to merge

Horizon Bancorp, Michigan City, Ind., has agreed to buy La Porte Bancorp, La Porte, Ind., for $94 million in a cash and stock deal..As of Dec. 31, La Porte Bancorp had assets of $543.2 million and tangible common equity of $77.0 million. Its subsidiary The LaPorte Savings Bank had seven branches in northern Indiana and one loan production office in southwest Michigan. Because of footprint overlap, three of those offices and the LPO will be consolidated after data processing conversion in the third quarter..As part of the merger, Horizon will add Michele Thompson, The LaPorte Savings Bank president and chief financial officer, to its board of directors and add two representatives to Horizon's existing LaPorte County community advisory board.."We are pleased to partner with The LaPorte Savings Bank, which has a rich history within our legacy footprint and is a company that we have known and admired," stated Horizon's chair and Chief Executive Officer, Craig M. Dwight. "Our familiarity with their experienced leadership team and common market area are what attracted us to this opportunity..Horizon Bancorp was advised by Stephens, Inc. and the law firm of Barnes & Thornburg, LLP. LaPorte Bancorp was advised by Raymond James & Associates, Inc. and the law firm of Luse Gorman, PC.