German American Bancorp Inc. has declared a 3-for-2 stock split for the company’s common shares, to be distributed April 21 to shareholders of record as of April 6. Shareholders will receive cash in lieu of fractional shares that they would have otherwise been entitled to receive in connection with the stock split, except that shareholders participating in the company’s dividend and stock-purchase plans will have fractional shares credited to their accounts, the company said.
The price paid for fractional shares will be based on the average per-share closing prices of German American’s common stock over the five trading days immediately before the date of the split, the company said.
The company’s board of directors also approved an amendment to the company’s Articles of Incorporation to increase the amount of issued and authorized common and preferred shares in the same proportion, increasing the number of authorized common shares to 45 million.
The stock split will increase German American’s outstanding common shares from about 15.3 million shares prior to the split to about 22.9 million shares post-split, the company said.
German American Bancorp Inc. is a $2.9 billion bank holding company based in Jasper.
The company operates 51 banking offices in 19 contiguous southern Indiana counties and one in Kentucky. The company has a location in Columbus.