Mergers & Acquisitions

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Deal Overview

Buyer:
German American Bancorp
Actual Acquirer:
First State Bank, Southwest Indiana
Target:
PCB Holding Company
Deal Type:
Bank & Thrift Company
Agreement Date:
5/23/2005
Announcement Date:
5/23/2005
Announced Deal Value ($ M):
6.39
Status:
Completed
Completion Date:
10/1/2005
Announced Deal Value Per Share ($ )
18.64

Consideration Breakout
Cash ($M) 3.1
Common Stock ($M) 3.3
Common Stock Issued 257,029

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 120.5 119.9
Price / Tangible Book (%) 120.5 119.9
Price / Earnings (x) NM NM
Price / Deposits (%) 23.05 22.82
Price / Assets (%) 18.33 18.15
Tangible Book Premium/ Deposits (%) 5.43 6.09
Deal Terms
Description of Consideration

German American Bancorp paid $9.00 in cash and exchanged 0.7143 share of German American  Bancorp stock for each share of PCB Holding Co.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 2,019
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 410
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.714300
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 443
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Seller Yes Keefe Bruyette & Woods Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Ice Miller LLP
Seller Yes Muldoon Murphy & Aguggia LLP