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JASPER, Ind., Jan. 3, 2011 (GLOBE NEWSWIRE) -- German American Bancorp, Inc. (Nasdaq:GABC) announced today that it has completed its acquisition of American Community Bancorp, Inc., the parent company of Bank of Evansville, of Evansville, Indiana.
American Community merged into German American effective January 1, 2011, followed immediately by the merger of Bank of Evansville with and into German American's banking subsidiary.
Mark A. Schroeder, Chairman and CEO of German American, stated, "We are delighted to welcome Bank of Evansville's customers, employees and shareholders to German American. This combination of our two companies positions German American with a total of five strategic offices located throughout the Evansville market and significantly increases our market share within the market."
Each American Community common shareholder of record on January 1 became entitled to receive 0.725 shares of German American common stock for each of their former shares of American Community common stock, subject to his or her surrender of the old American Community certificates to the exchange agent designated by German American. Instructions and forms to accomplish that surrender and exchange process are being mailed by the exchange agent to each of American Community's shareholders of record as of the Effective Time.
In connection with the completion of the merger, German American added two members of American Community's board of directors to German American's board of directors and added six more of American Community's directors to the Evansville Region Advisory Board of German American.
Added to German American's board were Marc D. Fine and Chris A. Ramsey.
Mr. Fine, who was a founding director of American Community, has practiced law in Evansville, Indiana since 1984, and is a founding member of the law firm of Rudolph, Fine, Porter & Johnson, LLP, in Evansville. Marc is active in many civic and community organizations in Evansville.