German American Bancorp acquires Bank of Evansville

  • Comments
  • Print
Listen to this story

Subscriber Benefit

As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now
This audio file is brought to you by
0:00
0:00
Loading audio file, please wait.
  • 0.25
  • 0.50
  • 0.75
  • 1.00
  • 1.25
  • 1.50
  • 1.75
  • 2.00

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.

Please enable JavaScript to view this content.

Story Continues Below

Editor's note: You can comment on IBJ stories by signing in to your IBJ account. If you have not registered, please sign up for a free account now. Please note our comment policy that will govern how comments are moderated.

Get the best of Indiana business news. ONLY $1/week Subscribe Now

Get the best of Indiana business news. ONLY $1/week Subscribe Now

Get the best of Indiana business news. ONLY $1/week Subscribe Now

Get the best of Indiana business news. ONLY $1/week Subscribe Now

Get the best of Indiana business news.

Limited-time introductory offer for new subscribers

ONLY $1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In

Get the best of Indiana business news.

Limited-time introductory offer for new subscribers

ONLY $1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In

Get the best of Indiana business news.

Limited-time introductory offer for new subscribers

ONLY $1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In

Get the best of Indiana business news.

Limited-time introductory offer for new subscribers

ONLY $1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In