German American Completes Acquisition of Kentucky Bank
Jasper-based German American Bancorp Inc. (Nasdaq: GABC) has completed its acquisition of First Security Inc. in Kentucky. As a result of the $101 million deal, FSI subsidiary First Security Bank Inc. has merged with and into German American Bank.
Mark Schroeder, chief executive officer of German American, says the acquisition represents a strategic opportunity for the bank to expand into the Owensboro, Bowling Green, and Lexington markets in Kentucky.
"The combination of our two organizations provides an important entrance for German American into three of the largest Kentucky metropolitan market areas, and enhances German American’s existing presence in the Evansville, Indiana metropolitan market area, which is the third largest metropolitan market in Indiana and where we currently hold a significant and growing market share," said Schroeder. "We’re extremely excited about the multiple future organic growth opportunities this merger will afford our Company."
First Security CEO Michael Beckwith will continue to lead the company’s operations in the area in the newly-created role of Kentucky Divisional President. Additionally, First Security Board Chairman Lee Mitchell will join the German American board.
German American did not immediately state whether any jobs would be affected by the deal.