Horizon Bancorp and 1st Manatee Bank have reached new terms for the payback of a $1.1 million loan.
Horizon Bancorp and 1st Manatee Bank have agreed to push back the due date on a $1.1 million loan taken by Horizon on Dec. 31, 2008.
The loan, which had first matured on Dec. 31, 2009, has been extended to June 15, 2010, according to a document filed with the U.S. Securities & Exchange Commission. In exchange, Horizon will pay 1st Manatee an additional $104,000.
The SEC filing also allows for further extension of the loan's maturity in the event that either the Federal Reserve Bank of Atlanta or the Florida Office of Financial Regulation requires that Horizon raise additional capital.