LAKE HAVASU CITY, Ariz.–(BUSINESS WIRE)–#arizona–Horizon Bancorp, Inc. (“Horizon Bancorp”) today announced that it 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 the close of business on September 30, 2022. In connection with the Asset Sale closing, Horizon Bancorp caused its common stock to no longer trade or be quoted on the OTC Pink Sheets and closed its stock records.
The Horizon Bancorp also announced today that its Board of Directors effected a plan of dissolution for the winding up and liquidation of Horizon Bancorp, as contemplated by the Asset Sale transaction documents. Horizon Bancorp anticipates making two liquidating distributions to its shareholders, with the first occurring shortly after the closing of the Asset Sale and the second occurring as soon as practicable in connection with the dissolution of Horizon Bancorp. The Horizon Bancorp Board of Directors has approved an initial liquidating cash distribution of $18.00 per share.
In order for Horizon Bancorp shareholders to receive their initial liquidating distribution, they must surrender their original stock certificate(s) (if applicable) and return certain transmittal documents. In the coming weeks, shareholders of Horizon Bancorp will receive transmittal documents from Horizon Bancorp’s paying agent, West Coast Stock Transfer, Inc., for surrendering stock certificate(s) and ownership in Horizon Bancorp in exchange for the liquidating distributions. Shareholders who hold shares in book entry accounts at West Coast Stock Transfer, Inc. will receive checks in the amount of their liquidating distribution. Shareholders who hold shares through a broker or other DTC registered nominee will receive their liquidating distribution through their account at such broker or other nominee. Shareholders with certificated shares will receive checks in the amount of their liquidating distribution upon surrendering their certificates with the transmittal documents. You may contact West Coast Stock Transfer, Inc. with any question about your shares and the initial liquidating distribution. Below is the contact information for West Coast Stock Transfer, Inc.:
West Coast Stock Transfer, Inc.
Attn: Customer Service
721 N. Vulcan Avenue, Suite 106
Encinitas, California 92024
Phone: (619) 664-4780
Forward-Looking Statements
Certain statements contained in this press release may be considered “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements may be identified by their reference to a future period or periods or by the use of forward-looking terminology such as “anticipate,” “believe,” “estimate,” “expect,” “may,” “might,” “will,” “would,” “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 forward-looking statements. We caution you 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 the expectations of Horizon Bancorp and Horizon Community Bank include the nature and amount of the liabilities remaining at Horizon Bancorp and Horizon Community Bank, including material 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 liquidating Horizon Bancorp and Horizon Community Bank, all of which must be satisfied or provided for before Horizon Bancorp may 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 any obligation to update publicly or revise any forward-looking statements because of new information, future events or otherwise.
Contacts
Ralph Tapscott, President/CEO, ralpht@horizoncommunitybank.com
Ross Johnson, EVP/CFO, rossj@horizoncommunitybank.com
