Fall merger expected between two banks

A merger between two banks – one with four area branches – has been announced by respective officials.
Horizon Bank will merge with Peoples Federal Savings Bank.
Peoples has branches in Howe and LaGrange in Indiana, and two in Three Rivers. Horizon does not have any branches in the vicinity.
Headquartered in Michigan City, Ind., Horizon has been in an aggressive acquisition mode, including a recent acquisition of branches in Lansing.
It also has a presence in Kalamazoo and along the lakeshore in Michigan.
The Peoples Branch in Howe has $7 million in deposits, while the branch in LaGrange has $17 million in deposits.
Peoples currently has two branches in Three Rivers with total deposits of approximately $38 million.
The transaction is expected to be completed this fall.

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