Shareholders of American Community Bancorp Inc. in Evansville, Ind., on Wednesday approved the company's sale to German American Bancorp Inc. in Jasper, Ind.
Both companies also jointly announced that the deal is expected to close Dec. 30 for an effective date of Jan. 1, pending closing conditions.
The $1.4 billion-asset German American agreed to buy American Community, with $326 million of assets, in a stock-and-cash deal valued at $27.9 million when it was announced in October. At the time, German American was offering about $14.11 per share to American Community's shareholders based on its closing price of $16.70 per share on Oct. 4.
This was a 41% premium to American Community's closing price of $10 per share.
Since then, American Community's stock is trading at $13.20 per share, and German American's share price jumped to $18.81 at Wednesday's stock market close.