German American Bancorp, Inc. Completes Acquisition of Heartland BancCorp

On February 1, 2025, German American Bancorp, Inc. successfully finalized its acquisition of Heartland BancCorp, as per the 8-K SEC filing report. The acquisition was executed in line with the Agreement and Plan of Reorganization dated July 29, 2024. Under this Merger Agreement, Heartland merged with German American Bancorp, with the latter surviving the merger.

As a part of the deal, each outstanding share of Heartland common stock, excluding shares in the HLAN 401(k) Plan, was converted to the right to receive 3.90 shares of German American Bancorp, Inc. common stock, along with cash to account for any fractional shares after the exchange. Additionally, the HLAN 401(k) Plan shareholders are set to receive a cash payment of $161.19 per share based on the Exchange Ratio and the closing trading price of German American’s common shares on January 31, 2025.

The merger is anticipated to result in German American Bancorp issuing approximately 7.74 million shares of its common stock, while also paying around $23.1 million in cash for the shares held in the HLAN 401(k) Plan. Following the completion of the merger, German American Bancorp assumed Heartland’s obligations under its 5.0% Fixed-to-Floating Rate Subordinated Notes due 2030, which amount to $24.3 million.

Furthermore, G. Scott McComb, Heartland’s former Chairman, President, and CEO, as well as Ronnie R. Stokes, former Heartland board member, have been appointed to the Board of Directors of German American Bancorp as part of the post-merger organization. This move aligns with the agreement made between the two entities.

The completion of the merger marks a significant strategic step for German American Bancorp, expanding its reach and capacity. The melding of the two organizations is expected to enhance services and offerings, promoting continued growth and positioning the combined entity for success in the dynamic financial marketplace.

The full 8-K SEC filing provides a comprehensive overview of the merger, shedding light on the intricacies and implications of the acquisition. The company anticipates that this merger will have positive impacts on its financial performance and bolster its standing in the market.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read German American Bancorp’s 8K filing here.

German American Bancorp Company Profile

German American Bancorp, Inc operates as a financial holding company for German American Bank that provides retail and commercial banking services. The company operates through three segments: Core Banking, Wealth Management Services, and Insurance Operations. The Core Banking segment accepts deposits from the general public; and originates consumer, commercial and agricultural, commercial and agricultural real estate, and residential mortgage loans, as well as sells residential mortgage loans in the secondary market.