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Employee Thrift Plan
12 Months Ended
Dec. 31, 2011
Employee Thrift Plan [Abstract]  
Employee Thrift Plan

Note 14—Employee Thrift Plan

The Employee Thrift Plan (“Plan”) provides that all employees of Horizon with the requisite hours of service are eligible for the Plan. The Plan permits voluntary employee contributions and Horizon may make discretionary matching and profit sharing contributions. Each eligible employee is vested according to a schedule based upon years of service. Employee voluntary contributions are vested at all times and Horizon’s discretionary contributions vest over a six-year period. The Bank’s expense related to the thrift plan totaled approximately $ 518,000 in 2011, $459,000 in 2010, and $439,000 in 2009.

The Thrift Plan owns a total of 204,584 shares of Horizon’s stock or 4.1% of the outstanding shares.