Horizon faces insolvency

Horizon Bancorporation Inc. is facing a difficult challenge, but bank president Charlie Conoley is confident that his company can keep regulators at bay.

The Bradenton-based bank is trying to raise capital to satisfy regulators and avoid what the firm refers to as “imminent insolvency” in its latest filing with the Securities and Exchange Commission.

The company is targeting between $10 million and $12.5 million in additional capital in the “next several weeks” and is employing three strategies to raise those funds: