German American Bancorp Names New CFO and COO

TL;DR

New CFO & COO at German American Bancorp starting Jan 1, 2025. Scott & Randall out.

AI Summary

On December 16, 2024, German American Bancorp, Inc. announced changes in its executive team. Mark A. Wernert was appointed as the new Chief Financial Officer, succeeding Bradley J. Scott. Additionally, Timothy J. Steimel was appointed as the new Chief Operating Officer, succeeding D. Randall. These appointments are effective January 1, 2025.

Why It Matters

This filing indicates a significant leadership transition within German American Bancorp, Inc., with new individuals taking on critical financial and operational roles.

Risk Assessment

Risk Level: low — The filing reports routine executive appointments and departures, which are common in corporate governance and do not inherently signal significant financial distress or operational issues.

Key Players & Entities

• German American Bancorp, Inc. (company) — Registrant
• Mark A. Wernert (person) — Appointed Chief Financial Officer
• Bradley J. Scott (person) — Departing Chief Financial Officer
• Timothy J. Steimel (person) — Appointed Chief Operating Officer
• D. Randall (person) — Departing Chief Operating Officer
• January 1, 2025 (date) — Effective date of appointments
• December 16, 2024 (date) — Date of report

FAQ

Filing Documents

• gabc-20241216.htm (8-K) — 28KB
• 0000714395-24-000058.txt ( ) — 149KB
• gabc-20241216.xsd (EX-101.SCH) — 2KB
• gabc-20241216_lab.xml (EX-101.LAB) — 21KB
• gabc-20241216_pre.xml (EX-101.PRE) — 12KB
• gabc-20241216_htm.xml (XML) — 3KB

From the Filing

gabc-20241216 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________ FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 ______________________ Date of Report (Date of earliest event reported): December 16, 2024 GERMAN AMERICAN BANCORP, INC. (Exact name of registrant as specified in its charter) Indiana (State or other jurisdiction of incorporation) 001-15877 35-1547518 (Commission File Number) (IRS Employer Identification No.) 711 Main Street Jasper, Indiana 47546 (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: ( 812 ) 482-1314 Not Applicable (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act (17 CFR 230.405) or Rule 12b-2 under the Exchange Act (17 CFR 240.12b-2). Emerging growth company [ ] If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act [ ] Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, no par value GABC Nasdaq Global Select Market Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (b) Director Resignation . On December 16, 2024, Thomas W. Seger, a director of German American Bancorp, Inc. (the "Company"), notified the Company of his decision to resign from the Board of Directors of the Company (the "Board") effective as of December 31, 2024. Mr. Seger's resignation is intended to allow the Board flexibility in making director appointments in the future (including in connection with the Company's anticipated merger with Heartland BancCorp) and is not because of any disagreement with the Company on any matter relating to the Company's operations, policies or practices. Mr. Seger, age 67, has served on the Board for over 14 years. At the direction of the Board, the Company will accelerate the vesting of 1,204 shares of restricted stock held by Mr. Seger to his resignation date, which restricted stock would have vested on July 1, 2025 had certain meeting attendance requirements been met. Cautionary Note Regarding Forward-Looking Statements This Report contains forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements can often, but not always, be identified by the use of words like "believe", "continue", "pattern", "estimate", "project", "intend", "anticipate", "expect", and similar expressions or future or conditional verbs such as "will", "would", "should", "could", "might", "can", "may", or similar expressions. These forward-looking statements include, but are not limited to, statements relating to the proposed merger (the "Merger") of Heartland BancCorp ("Heartland") with and into the Company. Forward-looking statements are subject to significant risks, assumptions, and uncertainties that may cause results to differ materially from those set forth in forward-looking statements, including, among other things: with respect to the Merger: (i) failure to obtain necessary regulatory approvals when expected or at all (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the transaction), or the failure of either company to satisfy any of the other closing conditions to the transaction on a timely basis or at all; (ii) the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement; and (iii) the possibility that the anticipated benefits of the transaction, including anticipated cost savings and strategic gains, are not realized when expected or at all, including as a result of the impact of, or problems aris

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