German American Bancorp dips after $330 mln deal to buy Heartland BancCorp

Heartland Banccorp

29/07/2024 23:29

** Shares of Indiana-based German American Bancorp  GABC.O 
fall 2.4% to $39.67 after the bell
    ** GABC agrees to buy Ohio-based community lender Heartland
BancCorp  HLAN.PK  in an all-stock deal valued at $330.2 mln,
the banks say
    ** The deal will create a combined lender with more than
$8.1 bln in assets and expand GABC's footprint into Columbus and
Cincinnati, Ohio
    ** HLAN shareholders will receive 3.90 shares of GABC for
each held
    ** HLAN CEO Scott McComb set to join GABC board as part of
the deal, which is expected to close in Q1 2025
    ** Keefe, Bruyette & Woods served as the adviser to German
American while Raymond James is advising Heartland 
    ** As of last close, GABC shares up 25.5% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))