Horizon Bancorp Faces $3.0M Jury Verdict, Plans Appeal

Horizon Bancorp, Inc. announced that a jury returned a civil verdict against its subsidiary, Horizon Bank, on June 24, 2026. The verdict awarded total damages approaching $3.0 million, including $2.5 million in punitive damages, stemming from a 2018 lawsuit related to a legacy indirect auto business. The company strongly disagrees with the outcome and plans to appeal the decision, intending to add an approximate $3.0 million pre-tax expense to its existing reserve in the second quarter. Horizon Bancorp noted it discontinued new originations in the indirect auto finance business in 2023 and does not anticipate broader exposure or disruption to its core community bank model.