History of Horizon Bank

Horizon Financial Corp. is a bank holding company based in Bellingham, Washington. The Corporation's primary subsidiary, Horizon Bank, operates eighteen branch locations and four Commercial Banking centers throughout Whatcom, Skagit, Snohomish and Pierce Counties.

Founded in 1922, Horizon Bank became a publicly traded company through an initial public offering in 1986. Its shares trade on NASDAQ National Market under the symbol "HRZB". In 1995, Horizon converted to its current holding company structure and, in June 1999, Horizon acquired Bellingham Bancorporation, a commercial bank.

Timeline:

• 1922 Bellingham Savings & Loan Allocation founded; Persey Livesey named President
• 1934 Federal Charter approved; name changed to Bellingham First Federal Savings & Loan Association
• 1948 George Moore Jr. named President; assets reach $1.7 million
• 1977 George W. Gust named President; assets reach $144 million
• 1979 Association converts to mutual bank charter; name changed to Horizon Mutual Savings Bank
• 1986 Initial public offering; name changed to Horizon Bank
• 1990 V. Lawrence Evans named President; assets reach $304 million
• 1995 Established holding company structure; Horizon Financial Corp. is formed
• 1999 Horizon acquires Bellingham Bankcorporation
• 2002 Strategic rebranding; Dennis C. Joines named President & COO for Horizon Bank
• 2005 Horizon becomes a commercial bank; assets reach $1 billion
• 2006 Horizon Financial recognized for 20 years as a publicly held company traded on the NASDAQ
• 2007 Richard P. Jacobson named new Chief Executive Officer and President, Horizon Financial and CEO and Director of Horizon Bank
• 2009 Robert (Bob) Pingle named Chief Operating Officer for Horizon Bank