JASPER, Ind., Jan. 3, 2011 (GLOBE NEWSWIRE) -- German American Bancorp, Inc. (Nasdaq:GABC) announced today that it has completed its acquisition of American Community Bancorp, Inc., the parent company of Bank of Evansville, of Evansville, Indiana.
American Community merged into German American effective January 1, 2011, followed immediately by the merger of Bank of Evansville with and into German American's banking subsidiary.
Mark A. Schroeder, Chairman and CEO of German American, stated, "We are delighted to welcome Bank of Evansville's customers, employees and shareholders to German American. This combination of our two companies positions German American with a total of five strategic offices located throughout the Evansville market and significantly increases our market share within the market."
Each American Community common shareholder of record on January 1 became entitled to receive 0.725 shares of German American common stock for each of their former shares of American Community common stock, subject to his or her surrender of the old American Community certificates to the exchange agent designated by German American. Instructions and forms to accomplish that surrender and exchange process are being mailed by the exchange agent to each of American Community's shareholders of record as of the Effective Time.
In connection with the completion of the merger, German American added two members of American Community's board of directors to German American's board of directors and added six more of American Community's directors to the Evansville Region Advisory Board of German American.
Added to German American's board were Marc D. Fine and Chris A. Ramsey.
Mr. Fine, who was a founding director of American Community, has practiced law in Evansville, Indiana since 1984, and is a founding member of the law firm of Rudolph, Fine, Porter & Johnson, LLP, in Evansville. Marc is active in many civic and community organizations in Evansville.
Mr. Ramsey, who is president of Ramsey Development Corporation of Tell City, Indiana, is the owner of several businesses in the construction and real estate industry. He has been engaged in real estate development for more than 25 years. Chris previously served on several other bank boards in southern Indiana, and is involved in various civic and professional organizations at the local, state, and national level.
Added to the Evansville Region Advisory Board of German American were Daniel B. Aiken, Danny J. Bateman, Michael R. Hinton, Dr. Barney R. Maynard, Gene R. Pfeiffer, and William F. (Rick) Richardson, IV.
U. Butch Klem, Chairman of German American's Governance/Nominating Committee, stated, "The eight gentlemen who have accepted our invitations to join our Board or our Evansville Region Advisory Board as a result of this merger will strengthen our organization in many ways, in addition to giving us additional guidance concerning ways in which we might better serve our customers in the Evansville area. They share our commitment to community banking and we are honored that they have joined with us."
Additional information regarding the completion of the merger and the election of the new directors may be found in German American's Current Report on Form 8-K, which is expected to be filed on or before Wednesday, January 5, by German American with the SEC and (when filed) may be accessed via a link to German American's SEC filings that is included on German American's website, , under the link for Investor Relations.
About German American
German American is a financial services holding company based in Jasper, Indiana. German American (through its bank subsidiary) now operates 33 retail banking offices (including five branches in the Evansville, Indiana metropolitan area) in twelve contiguous Southern Indiana counties. German American owns a trust, brokerage, and financial planning subsidiary (German American Financial Advisors & Trust Company) and a full line property and casualty insurance agency (German American Insurance, Inc.). As of September 30, 2010, German American had total deposits of approximately $1.083 billion, total assets of approximately $1.356 billion and shareholders' equity of approximately $123 million.
About American Community
American Community was, until its merger into German American effective January 1, 2011, a bank holding company headquartered in Evansville, Indiana. Its wholly owned subsidiary, Bank of Evansville (now a part of German American's bank subsidiary), provided a full range of commercial and consumer banking services in the Evansville, Indiana area, from three banking offices located on the east, west and north sides of the city. At September 30, 2010, American Community reported total assets of approximately $326 million, total loans of approximately $243 million, and total deposits of approximately $282 million.
CONTACT: German American Bancorp, Inc. Mark A Schroeder, Chairman/CEO Bradley M. Rust, Executive Vice President/CFO (812) 482-1314