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JASPER, Ind., May 11, 2010 (GLOBE NEWSWIRE) -- In a press release issued yesterday by German American Bancorp, Inc. (Nasdaq:GABC), the fourth paragraph was omitted. The corrected release follows:
German American Bancorp, Inc. (Nasdaq:GABC) announced its banking subsidiary had completed its purchase of two Farmers State Bank offices in or near Evansville, Ind.
By this purchase, which is expected to be accretive to German American's earnings per share upon completion of a transition period during the 12 months following the closing of the transaction, German American has expanded its geographic footprint to the Southern Indiana markets of Evansville and Newburgh in Vanderburgh and Warrick Counties, respectively.
German American acquired approximately $51 million of deposits and approximately $44 million of loans at the closing of the transaction, plus the real estate and leasehold improvements at the two branch locations and miscellaneous assets.
"We now have 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 had clients in the Evansville metropolitan market and understand the potential growth this market can provide."
Schroeder continued, "We welcome Doug Diekmann, as Market President, and his Evansville team, who will further enhance our 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. German American, through its principal banking subsidiary German American Bancorp, now operates 30 retail banking offices in 12 contiguous 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.