Shareholders of Madison-based River Valley Bancorp (Nasdaq: RIVR) have approved a merger with Jasper-based German American Bancorp Inc. (Nasdaq: GAB). The banks announced the $83.5 million merger in October.

River Valley, the parent company of River Valley Financial Bank, will merge into GAB. The merger has already been approved by the Federal Deposit Insurance Corporation and the Indiana Department of Financial Institutions. 

River Valley says shareholders will receive .77 shares of GAB common stock and $9.90 in cash for each share of River Valley common stock. The company says the cash consideration is expected to be around $53 million.

The merger is expected to be completed in the first quarter of 2016.

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