River Valley Bancorp receives approval for German American Bancorp merger.
Global Banking News-January 27, 2016--River Valley Bancorp receives approval for German American Bancorp merger
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Global Banking News - 27 January 2016
River Valley Bancorp (NASDAQ: RIVR), the parent company of River Valley Financial Bank, has said that the shareholders of the company have approved the Agreement and Plan Of Reorganisation among the company, the bank, German American Bancorp Inc. (GAB) (NASDAQ: GABC), and German American Bancorp under which the company will merge with and into GAB.
The Agreement and Plan of Reorganisation also provides that the bank will be merged into German American Bancorp, GAB's bank subsidiary. Under the terms of the Agreement and Plan of Reorganisation with GAB, shareholders in the company will receive 0.77 shares of GAB common stock and USD9.90 in cash for each share of company common stock. Both the Federal Deposit Insurance Corporation and the Indiana Department of Financial Institutions have approved the mergers.
The company expects the mergers to be completed in the first quarter of 2016, subject to customary closing conditions under the merger agreement. The company's shareholders also approved an amendment to the company's articles of incorporation, deleting Article 11, and approved the merger-related compensation paid to certain executive officers of the company.
Based in Madison, Indiana, River Valley Bancorp operates 14 full service banking offices through its wholly owned subsidiary, River Valley Financial Bank, with retail banking offices in Indiana and Kentucky. At September 30, 2015, the company reported total assets of approximately USD514m, total loans of approximately USD330m, and total deposits of approximately USD401m.
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