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German American Bancorp to Buy United Commerce in Indiana

Last updated on Friday, July 26, 2013

(BLOOMINGTON) - German American Bancorp in Jasper has agreed to buy United Commerce Bancorp in Bloomington.

German American will pay about 5.3 million in cash and stock, or $15.86 a share for United Commerce which has 128-million dollars in assets.

German American, with assets of two-billion dollars, expects to issue about 503-thousand shares of its common stock and pay about 1.6 million in cash.

The deal is expected to be close in the fourth quarter.

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