Activist investor PL Capital calls on Horizon Bancorp to sell itself

Horizon Bancorp

27/10/2025 22:54

Oct 27 (Reuters) - Activist investor PL Capital, which owns about 3% of Horizon Bancorp HBNC.O, called on the regional lender on Monday to sell itself rather than pursue its acquisition strategy.

PL Capital said Horizon Bancorp's 2021 acquisition of 14 branches from TCF National Bank, adding nearly $1 billion in deposits, was mismanaged and resulted in losses.

The company announced a restructuring to manage losses in the third quarter of 2025 that resulted in stock dilution, PL Capital said in a presentation to Horizon's board and management.

Regional banks have become favorite targets of some activist investors, who are pushing them to improve shareholder value or sell themselves to capitalize on a more lenient regulatory environment for bank mergers under the Trump administration.

Activist investor HoldCo Asset Management has urged storied Boston lender Eastern Bankshares EBC.O to put itself up for sale, instead of buying up other banks, Reuters reported earlier this month.

Regional lender Comerica CMA.N, which was one of HoldCo's targets, agreed to be bought out by Fifth Third FITB.O earlier this month, in what was the biggest U.S. bank deal of the year.

Horizon Bancorp did not immediately respond to a Reuters request for comment.

 (Reporting by Juveria Tabassum in Bengaluru; Editing by Anil D'Silva)

 ((Juveria.Tabassum@thomsonreuters.com;))