Horizon Bancorp (HBNC) Announces Three-for-Two Split
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Horizon Bancorp Indiana (Nasdaq: HBNC) announced today that its Board of Directors has declared a 3-for-2 stock split to be effected in the form of a stock dividend on Horizon’s outstanding shares of common stock. Shareholders of record as of the close of business on October 29, 2012, the record date, will be entitled to receive an additional half share for each share of common stock held.
Shareholders will receive cash in lieu of any fractional share of common stock that they otherwise would have been entitled to receive in connection with the split, except that those shareholders participating in Horizon’s Dividend Reinvestment and Stock Purchase Plans will have fractional shares of common stock credited to their accounts. The price paid for fractional shares will be based on the average closing price of a share of common stock as reported on the NASDAQ Global Market for the five trading days immediately prior to the record date. The additional shares issued in the stock split are expected to be distributed to shareholders on November 9, 2012.
The stock split will increase Horizon’s outstanding shares from approximately 5.8 million shares prior to the split to approximately 8.7 million shares.
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Shareholders will receive cash in lieu of any fractional share of common stock that they otherwise would have been entitled to receive in connection with the split, except that those shareholders participating in Horizon’s Dividend Reinvestment and Stock Purchase Plans will have fractional shares of common stock credited to their accounts. The price paid for fractional shares will be based on the average closing price of a share of common stock as reported on the NASDAQ Global Market for the five trading days immediately prior to the record date. The additional shares issued in the stock split are expected to be distributed to shareholders on November 9, 2012.
The stock split will increase Horizon’s outstanding shares from approximately 5.8 million shares prior to the split to approximately 8.7 million shares.
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