Mergers & Acquisitions

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Deal Overview

German American Bancorp
Actual Acquirer:
Southwestern Indiana Bank
Otwell State Bank
Deal Type:
Bank & Thrift Company
Agreement Date:
Announcement Date:
Announced Deal Value ($ M):
Completion Date:
Announced Deal Value Per Share ($ )

Consideration Breakout
Common Stock ($M) 3.7
Common Stock Issued 113,286

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 171.7 178.8
Price / Tangible Book (%) 171.7 178.8
Price / Earnings (x) 18.8 56.1
Price / Deposits (%) 26.24 27.15
Price / Assets (%) 22.61 23.47
Tangible Book Premium/ Deposits (%) 12.11 13.20
Deal Terms
Description of Consideration

Otwell State Bank shareholders received 5.6667 shares of GAB common stock for each share held. Pricing ratios reflect 3-for-2 stock split effective 9/13/93.

Accounting Method Pooling of Interests
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 0
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) NA
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) 5.666700
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement Yes
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) NM
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes David A. Noyes & Co.
Seller Yes ProBank Austin
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Leagre Chandler & Millard LLP
Seller Yes Faegre Baker Daniels LLP