A Kosciusko County based bank group will be purchased in a stock and cash merger. Kosciusko Financial Inc, and its subsidiary Farmer State Bank will be acquired by Horizon Bancorp based in Michigan City according to a press release from Horizon sent out this morning.
Under terms of the deal, the two banks will merge under the “Horizon” name. Kosciusko Financial Shareholders will have an option to receive $81.75 per share in cash, or swap their shares for shares in Horizon. Kosciusko Financial has assets of about $148 million as of the end of 2015. The deal is expected to complete this spring pending regulatory approval.