Jasper, Ind.-based German American Bancorp Inc. completed its acquisition of Owensboro, Ky.-based First Security Inc., effective as of Oct. 15.
As part of the deal, First Security Bank Inc. merged with and into German American Bank.
For each First Security common share held, First Security common shareholders of record on Oct. 15 will receive 0.7982 of a German American common share and a cash payment of $12.00.
First Security President and CEO Michael Beckwith will take on a newly established role as Kentucky divisional president. First Security Chairman Lee Mitchell will join German American's board.
Sandler O'Neill & Partners LP served as financial adviser to German American, while Bingham Greenebaum Doll LLP served as its legal counsel. For First Security, Raymond James & Associates Inc. served as financial adviser, while Frost Brown Todd LLC served as legal adviser.