Via Inside INdiana Business:
Jasper-based German American Bancorp Inc. (Nasdaq: GABC) is moving into the Evansville market. It has agreed to purchase two Farmers State Bank offices in Evansville. German American says the deal allows it to also expand its footprint to Newburgh.
JASPER, Ind. – German American Bancorp, Inc. (Nasdaq:GABC) announced its banking subsidiary had agreed to purchase two Farmers State Bank offices in Evansville, Ind.
The transaction, expected to be accretive to German American’s earnings per share within the first six months following completion, will allow German American to expand its geographic footprint to the Southern Indiana markets of Evansville and Newburgh in Vanderburgh and Warrick Counties, respectively. The proposed transaction, which is subject to the approval of bank regulatory authorities and other conditions, is expected to be effective within the next 60 to 90 days.
“The addition of these locations provides an ideal entry point to expand our existing footprint and build a major presence in Evansville’s growing market,” said Mark Schroeder, Chairman and Chief Executive Officer of German American. “As a southern-Indiana-based community-focused banking and financial services company, we already have clients in the Evansville metropolitan market and understand the potential growth this market can provide.”
With the addition of the Evansville locations, German American will operate 30 banking offices in 12 southern Ind. counties.
“We are pleased to complete this transaction with German American,”
said Thomas W. Franks, Chairman of Farmers State Bank. “While our entry into the Evansville market as an Illinois domiciled bank has been very successful, this transaction will allow our clients to work directly with German American, while enabling us to focus on the expansion of our southern-Illinois-based operations. I would like to personally thank the citizens of Vanderburgh and Warrick Counties for their tremendous support and assure them they will be in great hands with German American.”
“Since Farmers State Bank entered the Evansville market four years ago, it has experienced steady growth of loans and deposits,” Schroeder added. “We look forward to working with Doug Diekmann, Market President, and his Evansville team to further enhance these growth opportunities under the German American brand. We believe that customers will be very receptive to our comprehensive banking, insurance and investment lines of business and the personalized delivery that is a hallmark of our community banking roots.”
About German American
German American Bancorp, Inc. is a NASDAQ-traded (symbol GABC) financial services holding company. Following completion of the transaction, German American, through its principal banking subsidiary German American Bancorp, will operate 30 retail banking offices in 12 southern Ind. counties. The company also owns a trust, brokerage and financial planning subsidiary, operated from its banking offices, and a full service property and casualty insurance agency with seven offices throughout southern Ind.
Source: German American Bancorp.