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Business Combination (SCB Bancorp [Member]) | 12 Months Ended
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Dec. 31, 2013
SCB Bancorp [Member] |
Business Combination | Note 24 – Business Combination On November 12, 2013, Horizon entered into an Agreement and Plan of Merger (the "Merger Agreement") providing for Horizon’s acquisition of SCB Bancorp, Inc., a Michigan corporation ("SCB"). Pursuant to the Merger Agreement, SCB would merge with and into Horizon, with Horizon surviving the merger (the "Merger"), and Summit Community Bank, an Michigan-chartered commercial bank and wholly owned subsidiary of SCB, would merge with and into a wholly owned subsidiary of Horizon, Horizon Bank, N.A. ("Horizon Bank"), with Horizon Bank as the surviving bank. The boards of directors of each of Horizon and SCB have approved the Merger and the Merger Agreement. Subject to the approval of the Merger by SCB’s shareholders, regulatory approvals and other closing conditions, the parties anticipate completing the Merger in the beginning of the second quarter of 2014. In connection with the Merger, each SCB shareholder will receive 0.4904 shares of Horizon common stock (the "Exchange Ratio") and $5.15 in cash for each share of SCB common stock owned by them. Based on Horizon’s November 12, 2013 closing price of $21.43 per share as reported on the NASDAQ Global Market, the transaction value is estimated at $18.4 million. Subject to certain terms and conditions, the board of directors of SCB has agreed to recommend the approval and adoption of the Merger Agreement to the SCB shareholders and will solicit proxies voting in favor of the Merger from SCB’s shareholders. The Merger Agreement also provides for certain termination rights for both Horizon and SCB, and further provides that upon termination of the Merger Agreement under certain circumstances, SCB will be obligated to pay Horizon a termination fee. As of December 31, 2013, Summit Community Bank reported total assets of approximately $159.7 million, total deposits of approximately $124.7 million and total loans of approximately $135.9 million.

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References No definition available. + Details
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