Jasper based German American Bancorp has announced it has completed its previously announced acquisition of First Security, Inc., the parent company of First Security Bank, Inc. of Owensboro, Kentucky effective as of Monday (October 15th).
Immediately following the merger of First Security into German American Bancorp, First Security Bank merged with and into German American’s banking subsidiary, German American Bank.
In a release Mark Schroeder, Chairman and CEO of German American says they are pleased the merger received the overwhelming approval of the First Security shareholders and are delighted to welcome First Security’s customers, employees and shareholders to German American.
Schroeder says the merger with First Security represents a strategic opportunity for German American to expand their community-focused, customer-centric business model into the vibrant Kentucky metropolitan markets of Owensboro, Bowling Green, and Lexington.
Schroeder says they expect the transaction will be accretive to German American’s earnings per share during the 12 months following completion of the transaction, and will have a quick tangible book value earn back.
Michael Beckwith, President & CEO of First Security, will continue to lead German American’s operations in their new Kentucky market area in the newly established role of Kentucky Divisional President. Additionally, Lee Mitchell, First Security’s Board Chairman, will be joining the Board of German American Bancorp, Inc. shortly following the merger.