MICHIGAN CITY, Ind. - Horizon Bancorp , Inc. (NASDAQ GS: NASDAQ:HBNC), a regional bank holding company, announced the appointment of John R. Stewart as Executive Vice President and Chief Financial Officer, effective May 20, 2024. Stewart, a Chartered Financial Analyst with 22 years of experience in financial services, will take over from Mark Secor, who has served as CFO for 16 years.
Stewart's career spans roles at regional and global investment banks as well as institutional asset management firms. He was most recently the Deputy Chief Financial Officer of a $30 billion publicly traded bank. His responsibilities have covered a broad spectrum of finance functions, including corporate treasury, accounting, financial planning and analysis, and capital planning.
Moreover, Stewart has been involved in strategic planning, corporate development, and investor relations, which Horizon expects to leverage in pursuit of long-term shareholder value and client service enhancement.
Thomas Prame, CEO and President of Horizon, praised Stewart's track record and strategic financial expertise, expressing confidence in his ability to contribute to Horizon's financial performance and strategic growth.
Prame also acknowledged the contributions of Secor, highlighting his role in Horizon's growth from $893 million to $7.8 billion in assets, and the successful integration of 12 mergers. Secor will transition to the role of Chief Administration Officer, focusing on investor relations, legal matters, benefits administration, and corporate facilities, while assisting Stewart in the transition.
Horizon Bancorp, with assets totaling $7.8 billion, is the parent company of Horizon Bank, which operates across the Midwest. The company emphasizes personal banking, wealth management, business banking, treasury management, and equipment financing solutions. Horizon Bank has expanded from 11 locations to more than 70, serving customers through digital and virtual tools as well as branches in Indiana and Michigan.
This leadership change comes as Horizon continues to focus on delivering banking and financial services to its regional customer base, with commercial lending accounting for over half of its total loans. The information regarding John R. Stewart's appointment and Horizon Bancorp's business operations is based on a press release statement from the company.
InvestingPro Insights
As Horizon Bancorp, Inc. (NASDAQ GS: HBNC) welcomes John R. Stewart as the new Executive Vice President and Chief Financial Officer, the financial community is closely watching the company's performance metrics. With a market capitalization of $553.65 million and a P/E ratio of 23.38, Horizon's valuation reflects a mature company with stable earnings.
The company's commitment to shareholder returns is evident, as highlighted by an impressive track record of raising its dividend for 8 consecutive years, and maintaining dividend payments for 38 consecutive years, an InvestingPro Tip that aligns with the bank's strategy for long-term shareholder value.
InvestingPro Data also shows a significant price uptick, with a 6-month total return of 30.57% and a 1-year total return of 68.44%, signaling strong recent performance in the stock market. This could be indicative of investor confidence in Horizon's profitability and growth prospects, as analysts predict the company will be profitable this year, another InvestingPro Tip that may interest potential investors.
As Horizon focuses on strategic growth and enhancing client service, these financial metrics and analyst insights could be vital for stakeholders making informed decisions. For more detailed analysis and additional InvestingPro Tips, visit https://www.investing.com/pro/HBNC. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, and discover the 5 additional tips listed in InvestingPro that could further guide your investment choices.
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