German American completes acquisition of Ohio’s Heartland Bank
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Jasper-based German American Bancorp on Monday announced it completed its previously announced, $330 million acquisition of Heartland BancCorp, headquartered in Whitehall, Ohio.
As a result of the deal, Heartland subsidiary Heartland Bank has merged with and into German American Bank.
The acquisition, which was first announced last July, was made official on Feb. 1. German American said the Heartland branches will operate under a co-branded name in the Columbus and Cincinnati markets in Ohio.
“This strategic partnership will bring together two high-performing, community-oriented organizations and expand German American’s footprint into Columbus and Cincinnati, Ohio, two of the most vibrant and fastest-growing markets in the Midwest,” German American CEO Neil Dauby said in a news release. “We share the same culture and commitment to serving our customers and our communities with a relationship-based approach.”
The acquisition brings German American’s branch network to 94 locations in Indiana, Kentucky and Ohio with approximately $8.3 billion in assets.
German American did not specify how many employees would be joining its team through the acquisition, but Dauby said the company is “excited to welcome the Heartland customers, employees, communities and shareholders to the German American family.”
Heartland Chairman and CEO Scott McComb and board member Ronnie Stokes have been appointed to the boards of directors for both German American Bancorp and German American Bank.