German American Bancorp (GABC) in Jasper, Ind., has agreed to buy United Commerce Bancorp (UCBN) in Bloomington, Ind.
German American will pay about $15.3 million in cash and stock, or $15.86 a share, for the $128 million-asset United Commerce. The $2 billion-asset German American expects to issue about 503,000 shares of its common stock and pay about $1.6 million in cash.
"This transaction provides an excellent opportunity for German American to enhance our presence in the Bloomington market," Mark Schroeder, German American's chairman and chief executive, said in a press release. "We are also very pleased to be able to welcome the approximately 750 United Commerce shareholders, the vast majority of whom are Bloomington residents."
The deal is expected to be close in the fourth quarter. German American was advised by the law firms of Ice Miller and Mark Barnes Law. United Commerce was advised by the financial advisory firm of Renninger & Associates and the law firm of Barnes & Thornburg.