GAB completes merger

From Local Sources

JASPER — German American Bancorp Inc. has completed its merger with Citizens First Corporation., the parent company of Citizens First Bank Inc. of Bowling Green, Kentucky.

Immediately following completion of the holding company transaction, Citizens First Bank merged with and into German American’s banking subsidiary, German American Bank.

Each Citizens First common shareholder of record at closing is entitled to receive 0.6629 shares of German American common stock and a cash payment of $5.80 for each of their former shares of Citizens First common stock, subject to his or her surrender of the old Citizens First shares to the exchange agent designated by German American.

Instructions and forms to accomplish that surrender and exchange process are being mailed by the exchange agent to each of Citizens First’s shareholders of record as of closing. Shareholders who hold Citizens First shares in the Citizens First Bank 401(k) Profit Sharing Plan will receive a cash payment of $25.77, which is equal to the exchange ratio multiplied by the closing trading price of German American common shares on June 28, plus $5.80.

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