Attached files
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| 8-K - HORIZON FINANCIAL CORP. FORM 8-K. - HORIZON FINANCIAL CORP | k810810.htm |
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Exhibit
99.1
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CONTACTS:
Thomas A. Sterken, Esq., Registered Agent
(206)
623-1900
|
NEWS
RELEASE
|
Horizon Financial Corp.
Announces FDIC Receivership
of its Bank
Subsidiary, Horizon Bank
BELLINGHAM, WA – January 8, 2010 –
Horizon Financial Corp. (NASDAQ GS: HRZB), the bank holding company for
Horizon Bank ("Bank"), announced today that on Friday, January 8, 2010, Horizon
Bank, the wholly-owned subsidiary of the Company, was closed by the State of
Washington, Department of Financial Institutions, Division of
Banks. The Federal Deposit Insurance Corporation was appointed as
receiver of the Bank. Customers who have questions about the
foregoing matters, or who would like more information can visit the FDIC’s
website located at http://www.fdic.gov or
call the FDIC toll-free at 1-888-206-4662.
The
Company also announced that on January 8, 2010, immediately following the
closure of the Bank, all of the directors of Horizon Bank resigned from its
board. In addition, Richard P. Jacobson resigned as President and Chief
Executive Officer and from the Board of Directors of Horizon Financial Corp. V.
Lawrence Evans, the Chairman of the Board of Directors of Horizon Financial
Corp., has agreed to serve as President and Chief Executive Officer of the
Company.
The
Company’s shares of Horizon Bank were its principal asset, and as a result of
the Bank’s closure, the Company will either be dissolved and liquidated by its
board of directors or file a Chapter 7 bankruptcy proceeding for
liquidation.
Any
questions should be directed to Thomas A. Sterken, Esq., of Keller Rohrback LLP,
the Registered Agent of Horizon Financial Corp. as indicated below.
Contact:
Thomas A.
Sterken, Esq.
Keller
Rohrback LLP
Registered
Agent of Horizon Financial Corp
1201
3rd
Avenue, Suite 3200
Seattle,
WA 98101
(206)
623-1900