Horizon Bancorp’s success with acquisitions helped push its assets over $5 billion during the second quarter, and it celebrated that achievement while marking 146 years in business by ringing the NASDAQ opening bell in Times Square, New York.
Craig Dwight, Horizon’s chairman and CEO, participated with its current and past executive leadership in the opening bell ringing ceremony Aug. 5. The bank had started trading on NASDAQ on Dec. 20, 2001, and Dwight told them he remembered the day well.
“On that first day HBNC’s total volume was 16,000 shares, and the closing price was $2.73 per share,” he said in a statement. “Since that time Horizon Bancorp’s total shareholder return exceeds 615%. We have created shareholder value.”
He based his calculations on Horizon’s closing price for the previous trading day of $16.90. Hitting the $5 billion mark reflected a compounded annual growth rate of 12.63% from $531 million in assets on the last day of the first year of the century.
The company has expanded into 11 new markets by completing 14 bank acquisitions during that time, retaining business in its acquired territory by adding local, seasoned bankers to its workforce, the statement said.
“Horizon’s ongoing success could not be accomplished without the hard work of our entire team, which is now well over 800 advisors in 76 offices throughout the states of Indiana and Michigan,” Dwight said.
“This success is based on simple philosophy of people first and treating everyone with respect, dignity and fairness,” he said.
During a recent interview on CNBC’s “Closing Bell,” he said he expects consolidation to continue in the banking industry.
“About 5% of the banks are sold every year and for Indiana, Michigan and Ohio banks we expect to have about 22 every single year,” Dwight said.
“We have completed 14 acquisitions over the last 17 years and seven over the last four years, so yeah, we are very active in the mergers and acquisition game and that will be an important part of our growth going forward,” he said. “We’d like to see it about 50% in mergers and acquisitions and 50% of our growth organically.”
In addition to the bank hitting the $5 billion in assets mark, its trust department exceeded $2.5 billion in assets under management during the second quarter.