Community Bank is 3rd Largest SBA Lender
Horizon Bank celebrates 5th year in business as assets approach $250 million
On Saturday 18th June, Horizon Bank, a community bank owned primarily by Indian Americans, celebrated its 5th year in business. At the annual investor meeting and cocktail reception, bank Chief Executive Officer Ed Briscoe shared highlights of its impressive track record.
Compared to an annual growth rate of 6% which is the industry average, Horizon Bank has grown at a remarkable 40% annual growth for the last three years. Not only is it the 3rd largest SBA lender in the state, but was also recently honored by the SBA in Georgia with the "Diversity Award" for having the greatest diversity in its loan portfolio.
Opened in January of 2000, the bank was the undertaking of two visionaries Mukesh "Mike" Patel of Diplomat Hotels and the Late Dr. Sumant Patel of Shaktimandir. The original founding members of the bank included Brij Kapoor, Attorney; Balvant Patel, hotel owner; Dhiru "Danny" Patel, Mukand "Bobby" Patel, convenience store owner; R. C. Patel and brother, Mukesh "Mike" Patel, hotel owners and real estate developers, Narendra Patel, hotel owner, and the late Dr. Sumant Patel.
Mike Patel also announced that by the end of 2005, the bank was scheduled to break ground for its third location; on McGinnis Ferry Road, near Highway 141 in the Johns Creek community. Consideration for a secondary stock offering is in the cards with growth projects such this as well as the relocation of the original Decatur branch in the same area into a new building. The stock offering would raise as much as $10 million to fund the bank's continued growth.
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