German American completes merger with Citizens Union Bank


German American Bancorp recently announced the completion of its merger with Citizens Union Bancorp of Shelbyville Inc., the parent company of Citizens Union Bank of Shelbyville, Kentucky.

Immediately following completion of the holding company transaction, Citizens Union Bank merged with and into German American’s banking subsidiary, German American Bank.

Each Citizens Union common shareholder of record at closing is entitled to receive a 0.7739 share of German American common stock and a cash payment of $13.44 for each of their former shares of Citizens Union common stock, subject to their surrender of the old Citizens Union shares to the exchange agent designated by German American.

Following the merger, Jasper-based German American, through its banking subsidiary German American Bank, will operate 79 banking offices in 19 southern Indiana counties, including one in Seymour, and in 14 counties in Kentucky.

The combined German American/Citizens Union operations reported total assets of approximately $6.6 billion, total loans of approximately $3.7 billion and total deposits of approximately $5.5 billion.

No posts to display