Horizon Bank CEO Bill Bickford announced Friday that the lender will close its doors on March 31, the same day as the state of Mississippi’s election.
Bickfords bank has been the subject of a state investigation into its ties to the state’s largest political party, which led to the ouster of its president, Steven P. Jackson.
Bickford’s announcement was the first in a series of actions the bank is taking to close its account in Mississippi.
Bicks office said the bank has begun winding down its operations.
“The company has decided to shut down operations in Mississippi as of March 31st, 2019,” the statement said.
The bank is “working to determine the next steps in the transition process to its closure and to the end of its business in Mississippi,” according to the statement.
Bickfells actions come as state regulators continue to investigate whether the state used its authority under the state constitution to take advantage of Horizon’s political connections and to avoid a $100 million fine for violating a state election law.
The state constitution says the governor must approve the closure of a bank that has a relationship with the state.
Horizon was one of the banks that participated in a deal to purchase a piece of land for the state capitol in 2017 that was later abandoned.
Horizon’s board chairman, David Prentice, has been a board member since the 2015 election cycle.
Prentice was one, too, until he was ousted last year in part because of a dispute with a state law that he says is unconstitutional.
That law requires political candidates to register with the secretary of state’s office, though Horizon said it didn’t comply.
The company’s chief financial officer, Steve H. Condon, is also on the state board.
Condon was also charged in November 2016 with misappropriating more than $1 million from Horizon.