MICHIGAN CITY – Horizon Bancorp, the parent company for Horizon Bank in Michigan City, has acquired Heartland Bancshares Inc. in Franklin. It operates Heartland Community Bank.

The agreement calls for Horizon to issue 0.54 shares of common stock for each share of Heartland common stock. Horizon’s price per share is $18 and Heartlands was $9.72.

“Heartland, which has the No. 1 deposit share in Johnson County, will provide a strong foothold in central Indiana and further establish Horizon’s position as in an Indiana-focused financial institution,” said Craig M. Dwight, Horizon’s president and CEO.

Heartland has assets of $246 million and deposits of $217.9 million.

The agreement also calls for Heartland Bancshares to be merged into Horizon Bancorp and operate under the Horizon charter. It will operate as Heartland Community Bank, a Horizon Company.

Heartland co-founders Steve Bechman and Jeffrey Goben will continue to manage Heartland’s operation.