Subsequent Events

6 Months Ended

Jun. 30, 2011

Subsequent Events [Abstract]

Subsequent Events

Note 11 – Subsequent Events

On July 29, 2011, the U.S. Treasury preliminarily approved Horizon’s application for participation in the Small Business Lending Fund by issuing $12.5 million of a new series of preferred stock to the U.S. Treasury Department. The SBLF, which is part of the Small Business Jobs Act of 2010, provides incentives for participating banks to increase small business lending. Horizon intends to use the proceeds from the SBLF investment, together with Horizon’s available funds, to redeem in full the remaining $18.75 million of outstanding preferred stock Horizon issued to the U.S Treasury under the Troubled Asset Relief Program (“TARP”) Capital Purchase Program. Horizon expects to close on the repurchase of the preferred stock before August 31, 2011. A binding obligation and final approval of Horizon’s application for the SBLF funds will not arise until a Stock Purchase Agreement is executed by the U.S. Treasury and Horizon. The execution of the Stock Purchase Agreement and the transfer of the funds by the U.S. Treasury are subject to, in the U.S. Treasury’s sole discretion, due diligence and the satisfaction of the closing conditions set forth in the Stock Purchase Agreement, including the absence of any material adverse changes in Horizon’s business, results of operation or condition (financial or otherwise).