German American, Citizens Union get regulatory approval on merger deal

Jasper, Ind.-based German American Bancorp Inc. received the required approval from the Indiana Department of Financial Institutions for its pending merger with Shelbyville, Ky.-based Citizens Union Bancorp Shelbyville Inc.

Upon completion of the deal, Citizens Union Bancorp's subsidiary bank, Citizens Union Bank of Shelbyville, will be merged into German American Bank, a unit of German American Bancorp.

Under the terms of the definitive agreement, Citizens Union Bancorp's common shareholders will receive 0.7739 of a German American Bancorp common share for each share of Citizens Union Bancorp in a tax-free exchange as well as a cash payment of $13.44 per Citizens Union Bancorp share.

Both companies anticipate merger completion by Jan. 1, 2022.