Indiana bank to purchase mortgage assets

Horizon Bancorp of Michigan City, Ind., will purchase all of the assets of Indianapolis-based 1st Mortgage of Indiana, Inc. Horizon will pay an undisclosed amount of cash in a transaction expected to close by March 11..Cathy and Michael Strawn, 1st Mortgage's owners, will join Horizon's mortgage banking operations in central Indiana. 1st Mortgage specializes in conventional, Jumbo, FHA and VA Mortgage loans. Founded in 1994, the company has one office in Indianapolis..James Neff, Horizon Bank's executive vice president, praised the acquisition as a natural complement to Horizon's recent expansion in the Indianapolis market. The bank opened a full-service office in the city last month. The bank also announced its purchase of land in Carmel, Ind., for a proposed branch to be completed later in the year. Carmel is about 15 miles north of Indianapolis.."We are extremely pleased to have this opportunity to expand our mortgage presence in the Indianapolis area," Neff said. "The addition of this team of mortgage experts, with their commitment to exceptional customer service, is a natural fit for our company.".Horizon recently announced its acquisition of a two-branch community bank in the Lansing, Mich., area. That deal is expected to close in the second quarter..Horizon Bancorp is a holding company with assets of $1.8 billion. Horizon Bancorp's wholly-owned subsidiary, Horizon Bank, has 23 branches throughout central and northern Indiana and six branches in southern Michigan.