Horizon Bancorp Receives Preliminary Approval to Receive $12.5M Investment under the U.S. Treasury Department's Small Business Lending Fund

Horizon Bancorp HBNC today announced that Horizon has received preliminary approval from the U.S. Department of the Treasury to receive an investment of $12.5 million under the Small Business Lending Fund. The SBLF, which is part of the Small Business Jobs Act of 2010, provides incentives for participating banks to increase small business lending. Horizon intends to use the proceeds from the SBLF investment, together with Horizon's available funds, to redeem in full the remaining $18.75 million of preferred stock Horizon issued to the Treasury Department under the TARP Capital Purchase Program. Horizon expects to close on the repurchase of the preferred stock before August 31, 2011.