By Susan Orr
Indianapolis Business Journal
Jasper-based German American Bank, whose operating footprint has been creeping closer to Indianapolis in recent years, now says it plans to enter the market by opening a loan production office in Greenwood.
The bank said it plans to open the Greenwood site during the first quarter, but it does not specify an exact address. The bank made the announcement in its first-quarter and 2021 year-end financial report, which was released on Monday.
The Greenwood office will be German American’s first in the Indianapolis metro area. Currently, its closest offices to Indianapolis are in Monroe, Bartholomew and Decatur counties. The bank entered the Columbus market in 2013 and the Bloomington market in 2007, expanding its presence in those markets in 2018 and 2013, respectively.
Founded in 1910, German American is a community bank that has been in growth mode over the past decade or more, in part through mergers and acquisitions activity.
The bank had $5.6 billion in assets as of Dec. 31 and operates 78 locations in 19 contiguous counties in southern Indiana, plus 14 counties in Kentucky. In comparison, at the end of 2011 the bank had $1.9 billion in assets and operated 34 offices in 12 southern Indiana counties.
In the financial report issued this week, German American reported full-year profits of $84.1 million, or $3.17 per share, up from $62.2 million, or $2.34 per share, in 2020. This marked the 12th consecutive year that the bank has reported record annual earnings.
