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German American Bancorp to Buy United Commerce in Indiana

German American Bancorp in Jasper has agreed to buy United Commerce Bancorp in Bloomington, Indiana.

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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Topics : Business_FinancePolitics
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Locations : BloomingtonIndiana