River Valley Bancorp Hits Record Earnings

The merger of River Valley and German American Bancorp is expected to close on March 1.

Madison-based River Valley Bancorp (Nasdaq: RIVR) is reporting net income of $5.5 million in 2015, up from $4.7 million the previous year. The profit, which is the highest in company history, comes as the company plans to close on its merger with Jasper-based German American Bancorp Inc. (Nasdaq: GAB).

The parent company of River Valley Financial Bank is also reporting fourth quarter net income of $1.24 million, down from $1.46 million during the same period the previous year.

"We are extremely pleased to announce historic performance in the year of our 140th anniversary as a financial institution. Likewise, it has been our pleasure in 2015 to announce our partnering with another outstanding community bank," said President Matthew Forrester. "We believe that all of our constituents were the beneficiaries of extraordinary events in 2015 that will only continue to contribute to future successes as part of a larger top performing organization."

Last year, the companies announced German American’s acquisition of River Valley, a deal valued at $83.5 million. River Valley says all regulatory approvals and waivers have been received and it plans to close on the merger on March 1.