German American Completes Branch Acquisition

Posted: Updated:
(Image courtesy of German American Bancorp) (Image courtesy of German American Bancorp)

Jasper-based German American Bancorp Inc. (Nasdaq: GABC) has completed the acquisition of five branches in Columbus and Greensburg from Cincinnati-based First Financial Bancorp (Nasdaq: FFBC). The deal was a condition of the $1 billion merger between First Financial and MainSource Financial Group Inc. in Greensburg, which was completed in April

The five branches are now operating under the German American brand and Chief Executive Officer Mark Schroeder says all employees at the branches will remain in place. First Financial transferred approximately $175 million in deposits and $120 million in loans to German American to finalize the deal.

German American says it paid a $7.4 million premium on the deposits, which is subject to a "true-up" provision, which means the premium will be recalculated on the sixth month anniversary of the deal. The bank also has a six-month "put-option" on the loans it purchased, which means it can require First Financial to repurchase certain loans within six months.

The branches included in the acquisition are:

  • Greensburg Plaza, 304 E 10th Street, Greensburg
  • Columbus Downtown, 529 Washington Street, Ste 100, Columbus
  • Columbus Drive Thru, 803 Washington Street, Columbus
  • Columbus North, 1901 25th Street, Columbus
  • Columbus West, 2310 W Jonathan Moore Pike, Columbus

Schroeder says German American plans to continue to grow its presence in Columbus and Greensburg in the coming months and years.

  • Perspectives

    • Hope is Not a Plan

      This is sobering. A local business broker in Indianapolis reports nine out of 10 business owners who want to sell are turned away. Of the one in 10 that does make it past the first analysis to sell, over half of those company owners don’t get the sale price they hope for or believe the business is worth. Bottom line, hope is not a plan if you want to sell your business.



Company Name:
Confirm Email:
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections


  • Most Popular Stories

    • Brooke's Candy Refocuses, Will Close Terre Haute Shop

      Dana-based Brooke's Candy Co. says it will close its downtown Terre Haute retail shop June 1. The location opened less than two years ago and is the company's second storefront. In a message on Facebook, Brooke's Candy Co. says the decision will allow it to focus on the Brooke's Naturals line, which includes cookie, brownie, cake and bread mixes. The company calls it a tough decision, saying...

    • Angela Smith Grossman

      DCS Appoints Assistant Deputy Director

      The Indiana Department of Child Services has promoted Angela Smith Grossman to assistant deputy director of field operations, a new position that will focus on enhancing the agency’s foster and collaborative care programs. She has been with DCS for more than 27 years. During her tenure with DCS, Smith Grossman served as a regional manager, local office director and family case manager supervisor.  

    • (photo courtesy of Wilson St. Pierre Funeral Home)

      Chateau Thomas Winery Owner Dies

      The owner and president of Chateau Thomas Winery in Plainfield has died. Charles Thomas, a longtime OB-GYN who practiced for more than 30 years, founded the winery in 1984 along with his wife, Jill. He was 86.

    • Picture Courtesy: Indianapolis Airport Authority

      Indy Airport Among 'World's Best Domestic Airports'

      Travel + Leisure Magazine has named Indianapolis International Airport one of readers' favorite domestic airports in the world. The airport landed the second spot on the magazine’s 2019 World’s Best Awards. .

    • (Provided Photo/Indianapolis Zoo)

      Top Nature Group to Locate Global Center in Indianapolis

      Indianapolis Zoo President Dr. Rob Shumaker has signed an agreement with the world’s largest and most important environmental conservation organization to locate a first of its kind global center in Indianapolis. The agreement with the International Union for the Conservation of Nature creates the first Global Center for Species Survival, which will support an estimated 9,000 experts and scientists around the world and make Indianapolis a hub for...