LAKE HAVASU CITY, Arizona–(BUSINESS WIRE)–Horizon Bancorp, Inc. (“Horizon Bancorp”) announced today that it has completed the sale of substantially all of the assets and liabilities (the “Asset Sale”) of Horizon Community Bank to Arizona Financial Credit Union (formerly Arizona Federal Credit Union) effective after close of business on September 30, 2022. In connection with the closing of the asset sale, Horizon Bancorp has caused its common stock to no longer trade or no longer listed on the OTC pink sheets and closed its trading books.
Horizon Bancorp also announced today that its board of directors has implemented a dissolution plan for the winding up and liquidation of Horizon Bancorp, as contemplated by the asset sale transaction documents. Horizon Bancorp plans to make two liquidation distributions to its shareholders, the first occurring shortly after the closing of the asset sale and the second occurring as soon as possible as part of the dissolution of Horizon Bancorp. Horizon Bancorp’s Board of Directors Approved a First Liquidation Cash Distribution of $18.00 per share.
In order for Horizon Bancorp shareholders to receive their initial liquidation distribution, they must surrender their original share certificate(s) (if applicable) and return certain transmittal documents. In the coming weeks, Horizon Bancorp shareholders will receive transmittal documents from Horizon Bancorp’s paying agent, West Coast Stock Transfer, Inc., for the surrender of the stock certificate(s) and ownership of Horizon Bancorp in exchange for liquidation distributions. Shareholders who hold shares in book-entry accounts with West Coast Stock Transfer, Inc. will receive checks for the amount of their liquidation distribution. Shareholders who hold Shares through a DTC-registered broker or other agent will receive their liquidation distribution through their account with such broker or other agent. Shareholders holding certificated shares will receive checks for the amount of their liquidation distribution upon delivery of their certificates with the transmission documents. You may contact West Coast Stock Transfer, Inc. with any questions regarding your shares and the initial liquidation distribution. Below is contact information for West Coast Stock Transfer, Inc.:
West Coast Stock Transfer, Inc.
Attention: Customer Service
721 N. Vulcan Avenue, Suite 106
Encinitas, California 92024
Phone: (619) 664-4780
Certain statements in this press release may be deemed “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements can be identified by their reference to one or more future periods or by the use of forward-looking terminology such as “anticipate”, “believe”, “estimate”, “expect”, “may”, ” could “. ,” “will”, “will”, “could” or “intend”. Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors – many of which are beyond the control of Horizon Bancorp – could cause actual conditions, events or results to differ materially from those anticipated, discussed, projected, expressed or implied by the forward-looking statements. You are cautioned not to place undue reliance on the forward-looking statements contained in this press release. Factors that could cause actual results to differ materially from Horizon Bancorp’s and Horizon Community Bank’s expectations include the nature and amount of Horizon Bancorp’s and Horizon Community Bank’s remaining liabilities. Bank, including significant federal income tax liabilities, the results of any litigation involving Horizon Bancorp and Horizon Community Bank, and the amount of costs and expenses associated with the liquidation of Horizon Bancorp and Horizon Community Bank, all of which must be satisfied or provisioned before Horizon Bancorp can distribute its residual assets to its shareholders. Forward-looking statements speak only as of the date they are made. Horizon Bancorp and Horizon Community Bank do not undertake to publicly update or revise any forward-looking statements as a result of new information, future events or otherwise.