German American Bancorp (GABC) said Monday it completed its merger with Heartland BancCorp, parent of Heartland Bank, merging Heartland Bank into German American Bank.
Heartland shareholders received 3.90 German American shares for each Heartland share, while 401(k) plan participants were paid $161.19 per share in cash, German American said, adding that outstanding Heartland stock options were converted into cash payments based on a formula tied to German American's stock price.
German American said the combined company will operate 94 branches across Indiana, Kentucky, and Ohio, with total assets of about $8.3 billion as of Dec. 31.
The merger is anticipated to increase the company's earnings per share within a year, German American said.
As part of the merger agreement, Heartland's chief executive G. Scott McComb and board member Ronnie Stokes joined German American's board, the company said. Several Heartland executives will remain in regional leadership roles while Heartland's wealth management teams will continue to serve clients in the Columbus and Cincinnati markets, German American added.
Shares of German American were down 2.2% in recent Monday premarket activity.
免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。