Horizon Bancorp in Michigan City, Ind., disclosed that a plan to sell its mortgage warehouse business has fallen through.
The $7.9 billion-asset company signed a nonbinding letter of intent in October to sell the business to an unidentified buyer. The plan was disclosed when Horizon reported its third-quarter results.
The sale was expected to generate a gain-on-sale but would have been neutral to net income. It was not expected to have a material impact on Horizon’s deposit balances.
“The company may continue to pursue options for selling its mortgage warehouse business to other potentially interested parties but cannot predict or assure whether any such transaction will occur, or the terms of any such transaction,” the release said.