Jasper-based German American Bancorp Inc. (Nasdaq: GABC) has wrapped up the acquisition of River Valley Bancorp (Nasdaq: RIVR) in Madison. The deal, initially announced in October, is valued at $83.5 million.
German American Chief Executive Officer Mark Schroeder says shareholders gave the acquisition "overwhelming approval." He says "this combination of our two companies positions German American to enhance our previously stated objective of expanding our Southern Indiana footprint into the vibrant Southeast Indiana market area. River Valley has built a solid community banking franchise in three distinct markets in which German American can provide our extensive offerings of banking, insurance, and investment products and services to River Valley’s current and prospective clients."
River Valley shareholders are entitled to receive 0.77 shares of German American common stock and a cash payment of $9.90 for each former share of River Valley common stock.
River Valley has five banking offices in the Greater Louisville market, Seymour and North Vernon. Shroeder says the additional and complimentary presence is "a perfect fit for our company."
River Valley CEO Matthew Forrester and Executive Vice President Anthony Brandon will stay on as German American’s regional chairman and regional president, respectively.