American Community Bancorp, Inc. Shareholders Approve Merger With German American Bancorp, Inc.; Merger Closing Now Expected At Year's End
EVANSVILLE, Ind., Dec. 22, 2010 (GLOBE NEWSWIRE) -- American Community Bancorp, Inc. (OTCBB:ACBP) and German American Bancorp, Inc. (Nasdaq:GABC), jointly announced today that the shareholders of American Community approved the merger agreement with German American Bancorp, Inc. during the special shareholders meeting held on December 22, 2010 in Evansville, Indiana.
The companies also announced that they now expect that the merger will be closed on Thursday, December 30, 2010 (but effective on January 1, 2011), subject to the satisfaction of customary closing conditions.
About American CommunityAmerican Community is a bank holding company headquartered in Evansville, Indiana. Its wholly owned subsidiary, Bank of Evansville, provides a full range of commercial and consumer banking services in the Evansville, Indiana area, from three banking offices located on the east, west and north sides of the city. At September 30, 2010, American Community reported total assets of approximately $326 million, total loans of approximately $243 million, and total deposits of approximately $282 million. About German American German American is a financial services holding company based in Jasper, Indiana. German American (through its bank subsidiary) operates 30 retail banking offices (including two branches in the Evansville, Indiana metropolitan area that German American acquired on May 7, 2010, from another bank) in twelve contiguous Southern Indiana counties. German American indirectly owns a trust, brokerage, and financial planning subsidiary (German American Financial Advisors & Trust Company) that operates from German American's banking offices and a full line property and casualty insurance agency (German American Insurance, Inc.) with seven insurance agency offices throughout German American's market area. As of September 30, 2010, German American had total deposits of approximately $1.083 billion, total assets of approximately $1.356 billion and shareholders' equity of approximately $123 million. Cautionary Note Regarding Forward-Looking Statements This press release includes a statement about the parties' current expectation that the merger will close on December 30, 2010, which constitutes a forward-looking statement for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. That forward-looking statement is subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by such statement, including the risk that the proposed transaction is delayed past December 30, 2010, or does not close at any subsequent date. Reasons why the proposed transaction might be delayed or might not close at any subsequent date include the possibility that all the conditions to the closing of the proposed merger may not be satisfied or waived on December 30, 2010 or any subsequent date, such as but not limited to material adverse changes in either party's financial condition or results of operations, litigation, and other uncertainties.
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