Horizon Bancorp Increases Board Size, Appoints Larry S. Magnesen as Director

Strategic Insights -

Horizon Bancorp, a leading financial institution based in Indiana, has filed a current report with the U.S. Securities and Exchange Commission, announcing the increase in its Board of Directors' size from 12 to 13 members. This decision was made on October 10, 2025, with the addition of Larry S. Magnesen to the Board, representing the Class of 2026.

The Board has appointed Magnesen to the Enterprise Risk Management, Credit Policy, and Fair Lending Committee and the Wealth Committee. Magnesen brings over 40 years of experience in the banking industry, having held various roles at Fifth Third Bank, including Senior Vice President, Corporate Communications Director. He has also served as a Director at other prominent banks, including Old Kent Bank and Citibank.

Magnesen's appointment was made after the Board determined that he meets the criteria for an "independent" director under the Company's Corporate Governance guidelines and the independence requirements of the Nasdaq Exchange. As a non-employee director, he will receive the same compensation as other non-employee directors, as disclosed in the Company's most recent Proxy Statement.

This move follows the Company's commitment to ensuring a strong and proactive Board composition, capable of providing strategic guidance and oversight to the business.

Key Takeaways:

  • Horizon Bancorp has increased its Board size from 12 to 13 members, with the addition of Larry S. Magnesen as a director in the Class of 2026.
  • Magnesen has over 40 years of experience in the banking industry, with roles at Fifth Third Bank, Old Kent Bank, Banc One Ohio Corporation, and Citibank.
  • He was appointed to the Enterprise Risk Management, Credit Policy, and Fair Lending Committee and the Wealth Committee.
  • Magnesen meets the criteria for an "independent" director under the Nasdaq Exchange's independence requirements.
  • As a non-employee director, he will receive the same compensation as other non-employee directors.

Statistics:

  • 13 members: The new size of the Board of Directors.
  • 40+ years: Magnesen's experience in the banking industry.
  • 3 Committees: Enterprise Risk Management, Credit Policy, and Fair Lending Committee, and the Wealth Committee.

Sources:

  • UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 8-K CURRENT REPORT October 14, 2025
  • The NASDAQ Stock Market, LLC
  • The Securities and Exchange Act of 1934