German American Bancorp Announces Election of Directors and Creation of Office of the President.JASPER, Ind. -- German American Bancorp (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :GABC GABC The German-American Business Council of Boston, Inc. ) has announced that at its recent meeting of shareholders Richard E. Forbes was newly elected to the Company's Board of Directors. Also re-elected to the Board to serve three-year terms were U. Butch Klem and Michael J. Voyles. Holdover hold·o·ver n. One that is held over from an earlier time: a political advisor who was a holdover from the Reagan era; a family tradition that is a holdover from my grandparents' childhood. Noun 1. Directors include: Douglas A. Bawel, Christina M. Ernst, William R. Hoffman, J. David Lett, Gene C. Mehne, Larry J. Seger, Chet L. Thompson, and President & Chief Executive Officer, Mark. A. Schroeder. Joseph F. Steurer retired from the Board at this year's Shareholders' meeting shareholders' meeting n. a meeting, usually annual, of all shareholders of a corporation (although in large corporations only a small percentage attend) to elect the Board of Directors and hear reports on the company's business situation. . Mr. Steurer had served on German American's Board since 1983. Mr. Forbes is President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of MasterBrand Cabinets, Inc. MasterBrand is among the largest employers in the Company's market area and is the largest operating division of Fortune Brands, Inc., a Fortune 500 New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. listed public company. Mr. Forbes, who has an extensive executive management and financial background, is a certified public accountant Certified Public Accountant (CPA) An accountant who has met certain standards, including experience, age, and licensing, and passed exams in a particular state. and previously served in the capacity of chief financial officer and with a major public accounting firm. German American also announced the creation of a new three-person Office of the President. In addition to Mark A. Schroeder, who is continuing in the role as President & CEO, the Board named Clay W. Ewing to the newly created position of President of Retail Financial Services and Kenneth L. Sendelweck as President of Commercial Financial Services. In these newly created roles, Mr. Ewing and Mr. Sendelweck will assume responsibility, respectively, for the management of all facets of the development, delivery, and servicing of the Company's retail and commercial lines of business. German American Bancorp is a $1 billion financial services holding company based in Jasper, Indiana. The Company's Common Stock is traded on NASDAQ's National Market System under the symbol GABC. Including Stone City Bank, which was acquired January 1, 2006, the Company now operates six affiliated community banks with 29 retail banking offices in the nine contiguous Southern Indiana counties of Daviess, Dubois, Gibson, Knox, Lawrence, Martin, Perry, Pike, and Spencer. The Company also operates German American Financial Advisors & Trust Company, a trust, brokerage and financial planning Financial planning Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against subsidiary operating from the banking offices of the bank subsidiaries and German American Insurance, Inc., a full-line property and casualty insurance subsidiary with five independent insurance offices throughout its market area. The Company's lines of business include retail and commercial banking, mortgage banking, comprehensive wealth management, full service brokerage and trust administration, title insurance, and a full range of personal and corporate insurance products. |
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