German American to Acquire Another Kentucky Bank

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

Jasper-based German American Bancorp. Inc. (Nasdaq: GABC) has announced plans to acquire Citizens First Corp. (Nasdaq: CZFC) in Kentucky. The deal is valued at more than $68 million and, when complete, Citizens First Bank Inc. will be merged into German American Bank.

Citizens First President and Chief Executive Officer Todd Kanipe will serve as regional president of the combined company. German American says it expects one Citizens First board member to join the German American board and three additional Citizens First executive officers will continue in regional roles similar to their current positions.

"Citizens First has built a solid and growing community banking franchise through which German American can provide our extensive offerings of banking, insurance, and investment products and services to Citizens First's current and prospective clients," said Mark Schroeder, CEO of German American. "The acquisition furthers our expansion into vibrant Kentucky markets and strengthens our local presence in the Bowling Green market area, which has demonstrated a history of dynamic growth and prosperity."

The merger is expected to be complete in the third quarter. The deal remains subject to approval from regulators and Citizens First shareholders, as well as other closing conditions.

This will be the second acquisition of a Kentucky bank for German American in the last year. In October, the bank completed its $101 million acquisition of First Security Inc.

  • Perspectives

    • Mitigating Your Company’s Cybersecurity Risk

      Frequently, I encounter people who think that a software developer understands all languages and can “fix” anything tech related. While that may be true for a few, areas of expertise within tech evolve as rapidly as the technology itself. For instance, there was a time (not long ago) when operating in the cloud was revolutionary. Today, it is considered best practices for some or all of an organization to function within a cloud. Managed information technology began with...

    More

Subscribe

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

Events



  • Most Popular Stories

    • (photo courtesy of the town of Plainfield)

      Plainfield Breaks Ground on Parking Structure

      The first piece of a redevelopment plan for downtown Plainfield is underway. City and community leaders have broken ground on the new Downtown Plainfield Parking Structure, which is expected to be complete in the late summer or early fall of 2020.

    • Tony Bates previously worked for companies including Skype, Microsoft and Cisco.

      Genesys Names New CEO

      California-based Genesys has selected former Skype CEO Tony Bates as its new chief executive officer. The company, which employs more than 800 in Indianapolis, says Bates' predecessor, Paul Segre, will continue as chairman.

    • The Waterside project aims to transform 100-acres of the former GM Stamping Plant site. (photo courtesy of Ambrose Property Group)

      Ambrose, Glick Partner on Waterside

      Indianapolis-based Ambrose Property Group has announced a key partnership for the redevelopment of the former GM Stamping Plant in downtown Indianapolis. The commercial real estate firm is teaming up with the Gene B. Glick Co. to build and manage apartments as part of the $1.4 billion mixed-use redevelopment project. Ambrose says the partnership is also part of plans to catalyze "philanthropic and community-centric strategies to strengthen Indianapolis." The firm also...

    • I-65 INDOT construction map

      I-65 Construction Update

      Construction work is scheduled to start next week on I-65 near downtown Indianapolis. Indiana Department of Transportation crews will begin to clean up the interstates after two years of freeze/thaw cycles. Crews will be working in segments, including patching and repaving work. INDOT crews will begin work in earnest on northbound and southbound in segments, beginning on weekend nights from April 26 through August.  

    • (photo courtesy Dax Norton)

      Whitestown Tops Indiana's Fastest-Growing Communities

      The Indiana Business Research Center at the Indiana University Kelley School of Business says Whitestown in Boone County is Indiana's fastest-growing community for the eighth consecutive year. The center says the town's population nearly tripled, from 3,132 in 2010 to 8,627 last year. Westfield in Hamilton County is not far behind. Its population grew 5.2 percent in 2018, according to information reported by the U.S. Census Bureau. Other communities on the list include...