Jasper-based German American Bancorp Inc. (Nasdaq: GABC) has announced plans to acquire Citizens United Bancorp of Shelbyville Inc. in Kentucky. The bank says the cash and stock deal is valued at $154 million.
When the deal is complete, CUB and its subsidiary, Citizens Union Bank of Shelbyville, will be integrated with the German American Bank brand. German American Chief Executive Officer Mark Schroeder says the acquisition will enhance the bank’s presence in the Louisville metropolitan area.
“Our combined operations in the broader Louisville market area places us in a top 10 market share position in the largest metropolitan market area in the Commonwealth of Kentucky,” Schroeder said in a news release. “CUB has built a solid community banking franchise in each of the Kentucky markets they serve giving German American an opportunity to provide our extensive offerings of banking, insurance and investment products and services to CUB’s current and prospective clients.”
The acquisition is expected to close in the first quarter of 2022 and still requires approval by regulators and CUB shareholders. German American says the combined bank will have assets of approximately $6.4 billion with 83 branches across Indiana and Kentucky.