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German American Bancorp acquires Bank of Evansville

IBJ Staff
October 5, 2010
Keywords
Banking & Finance, Banks, Indiana Banks, Mergers & Acquisitions, Other Counties, Regional News
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Evansville-based American Community Bancorp Inc.’s subsidiary bank, Bank of Evansville, will become part of Jasper-based German American Bancorp. Inc. in a deal valued at nearly $30 million.

Terms of the transaction, announced on Monday, call for American Community’s common shareholders to receive 0.725 shares of German American common stock for each share of American Community, in addition to a cash payment of $2 per American Community share.

Based on German American's Monday closing price of $16.70, the transaction is worth about $14.11 per American Community share—a 41 percent premium over its $10 closing price Monday.

The deal is expected to be completed by early next year.

Bank of Evansville has three branches in the southwestern Indiana city and assets of $312 million, loans of $246 million and deposits of $269 million.

German American Bancorp has 30 branches in 12 counties in southern Indiana. It has assets of $1.3 billion, loans of $913 million and deposits of $1.1 billion.

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