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.