Jasper-based German American Bancorp Inc. (Nasdaq: GABC) has completed its acquisition of Citizens First Corp. in Kentucky. As a result of the $68 million deal, Citizens First Bank will be merged with and into German American Bank.
Plans for the merger were first announced in February. As part of the deal, Citizens First shareholders will receive 0.6629 shares of German American common stock and $5.80 in cash for each share of Citizens First common stock they own. German American Chief Executive Officer Mark Schroeder says the merger represents the next step in the bank’s strategic vision to expand its business model throughout Kentucky.
"This combination of German American’s existing operations in the greater Bowling Green, Kentucky market area with that of Citizens First’s strong community banking franchise will result in an approximate 12% market share and a top three position in the market. We are excited to expand in this very vibrant and growing market and believe we are positioned extremely well to provide our extensive offerings of banking, insurance, and investment products and services to Citizens First’s current and prospective clients."
German American did not specify whether any jobs would be affected by the merger. The deal is the second acquisition of a Kentucky Bank for German American, which acquired First Security Inc. in a $101 million deal last October.