MICHIGAN CITY, Ind. - Horizon Bank has named David Pendley as the new President of its Mortgage Banking division, the bank's latest move to bolster its mortgage services and balance sheet restructuring efforts. Pendley brings over three decades of mortgage industry experience to the role, where he will oversee sales, operations, underwriting, secondary markets, and closing functions.
The announcement comes as part of Horizon Bank's strategy to expand its market share in mortgage banking, leveraging its existing customer base, local economic strength, and a network of real estate agents and attorneys. The bank, which operates more than 70 branches in Indiana and Michigan, also aims to enhance its balance sheet through the growth of its high-quality mortgage portfolio.
Horizon's CEO and President, Thomas Prame, expressed confidence in Pendley's ability to lead the division, citing his track record in building high-performance teams and his deep industry expertise. Prame noted that Horizon has served as trusted advisors to its clients for over 150 years and looks to build on this legacy under Pendley's leadership.
In December 2023, Horizon Bank announced a balance sheet restructuring that generated over $500 million in liquidity. The bank plans to channel these funds into higher-yielding assets throughout 2024. Pendley's appointment is expected to be a key factor in driving the profitable growth of the mortgage division.
Horizon Bancorp , Inc. (NASDAQ GS: NASDAQ:HBNC), the parent company of Horizon Bank, offers a variety of retail services including residential mortgages, indirect auto financing, and personal banking. The bank also provides business banking, treasury management, and equipment financing solutions. With commercial lending comprising over half of its total loans, Horizon serves customers across the Midwest through digital platforms and its branch network.
This article is based on a press release statement from Horizon Bancorp, Inc.
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