German American Bancorp Inc. has announced its completed acquisition of First Security Inc., the parent company of First Security Bank Inc. of Owensboro, Kentucky, effective Oct. 15.
First Security Bank, Inc. merged with and into German American’s banking subsidiary, German American Bank.
First Security’s common shareholders will be entitled to receive 0.7982 shares of German American common stock and a cash payment of $12 for each of their former shares of First Security common stock, subject to their surrender of the old First Security shares to the exchange agent designated by German American, according to a statement from German American Bank.
Instructions and forms to accomplish the surrender and exchange process are being mailed to each of First Security’s shareholders of record.
