Horizon to buy Peoples

Horizon Bancorp., Michigan City, Ind., has agreed to buy Peoples Bancorp., Auburn, Ind., for $73 million..Following the merger, Maurice F. Winkler, III, president and CEO of the $487 million Peoples, will be appointed to serve on the board of directors of Horizon and Horizon Bank.."We are enthusiastic about this merger, which is consistent with Horizon's philosophy of partnering with banks that hold core values similar to ours and a commitment to serving their local communities," said Horizon CEO Craig Dwight. "Horizon will add value to Peoples' customer base through our customer service guarantees and extensive product menu. In addition, Peoples' agricultural, business banking and wealth management services align well with Horizon's primary revenue streams.".Acquiring Peoples' 16 offices in northeast Indiana and southwest Michigan will provide Horizon with substantial growth opportunities, Dwight said..The transaction is expected to close in the third quarter, pending shareholder approval..The $2.1 billion Horizon Bancorp was advised by Cummings & Company, LLC and the law firm of Barack Ferrazzano Kirschbaum & Nagelberg LLP..Peoples was advised by Keefe, Bruyette & Woods, Inc. a Stifel Company and the law firm of Barnes & Thornburg LLP.