Shaping our Future
SummaryAnnualReport2021 Our Mission
German American is dedicated to helping
individuals, families and businesses achieve
greater prosperity and quality of life.
Together, our financial team builds lasting
client relationships based on integrity,
responsive service, innovation, and shared
values. We support the communities we serve
and believe that when a community thrives,
its people prosper.
United in Our Values
Integrity
People
Relationships
Performance
Cautionary Note Regarding Forward-Looking Statements
This Summary Annual Report, including our Letter to Shareholders beginning on Page 1, includes forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, relating to our expectations concerning our opportunities for future growth and prosperity, and other
matters. Readers are cautioned that actual results and performance may differ materially from those expectations expressed or implied by any forward-
looking statement due to the inherent uncertainties in predicting the future, and risks affecting German American and its stock, including those that are
described in Item 1, “Business - Forward Looking Statements and Associated Risks” and in Item 1A, “Risk Factors,” in our accompanying Annual Report on
Form 10-K. You may review that document (and our other SEC filings) via the internet through the Investor Relations section of our website,
www.germanamerican.com. This report speaks only as of March 1, 2022, and we do not promise anyone that it will be updated for changes or events after
that date.
9th
consecutive year
of increased
dividends
12th
consecutive year
German American has
achieved record earnings
17th
consecutive fiscal
year of double-digit
return on equity
Letter to Our Shareholders
Mark A. Schroeder
Executive Chairman
D. Neil Dauby
President and CEO
Dear Shareholders:
2021 was a time of transition for German American, as we
continued our long-standing history of progress and financial
success, while also developing plans and strategies focused on
“shaping our future” as a company. In the face of continuing
business and economic pressures resulting from the effects
of the ongoing pandemic, we are pleased to report that 2021
was another record year for German American. During this
past year, our support and investment in our clients and
the local communities we serve reached record levels, as
evidenced by the investment of approximately 3,000 hours of
volunteer service to our communities by our team of financial
professionals, in addition to corporately investing nearly
$2.9 million in community support throughout our footprint.
Our ability to drive continued record financial performance in
2021 was positively impacted by balance sheet growth of 13% in
total assets, with year-end total assets reaching a record level
of $5.6 billion. This level of impressive asset growth was fueled
by 16% growth of our deposit base, as clients continued to trust
German American with the safekeeping of their funds, bringing
our level of total deposits to $4.7 billion as of year-end 2021.
1
continued...
Net Income
& Earnings
Per Share
(dollars in thousands,
except per share
amounts)
Earnings
Per Share*
$90,000
$80,000
$70,000
$60,000
$50,000
$40,000
$30,000
$20,000
1 0 Ye a r E P S C A G R 1 1 . 4 %
$28,344
$30,064
$35,184
$24,055 $25,413
$84,137
$3.17
$59,222 $62,210
$46,529
$40,676
$2.29
$2.34
$1.99
$1.51
$1.57
$1.77
$10,000
$1.27
$1.32
$1.43
$0
12/31/12
12/31/13 12/31/14 12/31/15 12/31/16
12/31/17
12/31/18 12/31/19 12/31/20 12/31/21
*Earnings Per Share adjusted for 3-for-2 stock split completed in 2017.
Letter to Our Shareholders
continued...
Loan volumes also remained very strong during 2021, as end
of period total loans were in excess of $3.0 billion. In 2021,
the Company also originated approximately 2,600 second
round PPP loans totaling approximately $157.0 million to our
business clients. Over the past two years, our 5,700 first and
second round PPP loans totaled $508.3 million, and, as of the
date of this letter, all but approximately $8.0 million of the
total has been repaid or forgiven. We assisted our business
clients to retain almost 20,000 employees, and to survive and
thrive in the face of the economic challenges associated with
the pandemic.
In terms of financial performance, we are equally pleased
to report that we provided you, our shareholders, with an
outstanding return on your investment in 2021. For the
17th consecutive year, German American reported the
achievement of a double-digit return on shareholders’
equity, combined with the 12th consecutive year of record
net income and earnings per share. Additionally, 2021
represented our 9th consecutive year of increased cash
dividends to our shareholders. Clearly, 2021 was a very
successful year, which is reflective of this historic run of
record performance.
2
2021 was also a year in which we were focused on positioning
your Company for continued future growth and success.
In July 2021, we announced the planned transition of the
leadership of German American effective January 1, 2022.
This natural leadership transition has been years in the
making, designed to assure your Company will continue to be
led by an extremely qualified executive management team
for many years to come. We also announced in September
2021, and finalized as of January 1, 2022, the acquisition of
Citizens Union Bancorp of Shelbyville, Kentucky.
This acquisition will allow us to build upon our existing
presence in the fast growing Greater Louisville market area.
When combined with completed operating optimization and
continuous improvement initiatives in 2021, the anticipated
opening of a commercial loan production office in the
Greater Indianapolis market area in early 2022, and our new
2022-2026 five-year strategic plan finalized in late 2021, we
believe the acquisition of Citizens Union will provide us with
opportunities to greatly enhance future balance sheet growth
and operating performance.
Total
Assets
(dollars in millions)
Return on
Average Assets
$6,000
$5,000
$4,000
$3,000
$2,000
1 0 Ye a r C A G R 1 1 . 6 %
$2,006
$2,164
$2,237
$2,374
$5,609
$4,978
$4,398
$3,929
$2,956
$3,144
1.35% 1.38%
1.43%
1.32%
1.57%
$1,000
1.24% 1.25%
1.31% 1.33%
1.24%
$0
12/31/12
12/31/13 12/31/14 12/31/15 12/31/16
12/31/17
12/31/18 12/31/19 12/31/20 12/31/21
1 0 Ye a r C A G R 1 0 . 3 %
$20.37
$18.63
$16.49
$10.40
$11.57
$11.94
$13.45
$13.81
$8.62
$8.92
12/31/12
12/31/13 12/31/14 12/31/15 12/31/16
12/31/17
12/31/18 12/31/19 12/31/20 12/31/21
*Tangible Book Value Per Share adjusted for 3-for-2 stock split completed in 2017.
Tangible
Book Value
Per Share*
As shareholders of German American, you can be assured that the executive management team leading your Company isn’t
resting on the history of our past successes. Rather, we are focused on “Shaping our Future”, which is the theme of this 2021
Summary Annual Report. The entire German American team is dedicated to helping individuals, families, businesses, communities
and you, our shareholders, achieve greater prosperity and quality of life. This is both Our Mission, as a Company, and Our Focus, as
an Executive Management Team.
Sincerely,
Mark A. Schroeder
Executive Chairman
D. Neil Dauby
President and CEO
3
Shaping Our Future
Commitment to Excellence
The strategic vision shaping our future responds to the challenges and opportunities of the competitive
financial services environment. We serve dynamic markets with incredible talent, a strong brand and
a client centric customer experience.
Client Experience
Ease of doing business with us is a top priority. Combining technology with people advances our
human-digital focused strategy to deliver a superior high touch-high tech customer experience.
Building strong client relationships with local, responsive service is the backbone of our success.
While technology will continue to be a prevalent driver to shape the future of client experience,
German American is also committed to maintaining and enhancing the human element of local
people helping local people.
People and Culture
Throughout our 111-year history, our people-first, team-first culture has been the foundation on
which we’ve attracted and retained talent. In the past two years of the pandemic environment,
we’ve strengthened our culture by offering a multitude of resources, including mental
health, well-being, additional paid time off, flexible work arrangements, and enhanced tuition
reimbursement for continuing education. With an unwavering commitment to our people and
our culture, we will continue to execute a culture agenda that preserves our core values and
empowers and engages our team.
Growth and Financial Performance
Maintaining strong financial performance is an unwavering commitment to our shareholders,
clients, employees and the communities we serve. Superior financial performance affords us the
opportunity to meet our growth objectives, invest in people and technology, and support the
communities we serve.
Operational Effectiveness
Putting the right tools, resources and processes into the hands of our team members to
deliver efficient, accurate and timely customer service excellence to our clients is imperative.
Strengthening our mind-set of continuous improvement improves every critical aspect of
meeting and exceeding our goals and objectives.
4
The Shape of Our Footprint
INDIANA
Greenwood
Greensburg
Columbus
Seymour
North Vernon
Bloomington
Bedford
Odon/Cannelburg
Loogootee
Vincennes
Washington
Petersburg
Ireland
Dubois
Princeton
Oakland
City
Jasper
Huntingburg
Holland Ferdinand
Newburgh
Rockport
Tell City
Evansville
Henderson
Owensboro
KENTUCKY
Madison
Hanover
Warsaw
New
Liberty
Owenton
Sellersburg
La Grange
La Grange
Floyds
Knobs
NewNew
Albany
Albany
Jeffersonville
Jeffersonville
Louisville
Simpsonville
Shelbyville
Taylorsville
Mt. Washington
Elizabethtown
Munfordville
Horse Cave
Bowling Green
Glasgow
Franklin
In 1910, German American Bank was founded in an Ohio River Valley community rich in German–American heritage, Jasper,
Indiana. This founding heritage established the roots and values that remain in place today, including people first, hard
work, family, community, integrity, and pride in any community’s heritage. Today, German American Bank is the
combination of numerous like-minded community banking, insurance, and wealth management organizations and teams
joining together to serve local communities. Our footprint covers southern Indiana and Kentucky, and our history of strong
financial performance is a reflection of the success of this unique business model.
5
Executive
Management
Team
Mark A. Schroeder
Executive Chairman
D. Neil Dauby
President, Chief Executive Officer
Bradley M. Rust
Senior Executive Vice President,
Chief Operating Officer and
Chief Financial Officer
Amy Jackson
Executive Vice President,
Chief Administrative Officer
Keith A. Leinenbach
Executive Vice President,
Chief Credit Officer
Randall L. Braun
Executive Vice President,
Chief Banking Officer
Clay M. Barrett
Executive Vice President,
Chief Digital and Information Officer
Board of
Directors
Zachary W. Bawel
D. Neil Dauby
Susan J. Ellspermann
Marc D. Fine
Jason M. Kelly
J. David Lett
Chris A. Ramsey
M. Darren Root
Christina M. Ryan
Mark A. Schroeder
Thomas W. Seger
Jack W. Sheidler
Tyson J. Wagler
6
Senior Management Team
Ann Brown
Senior Vice President,
Director of Human Capital
Vicki L. Schuler
Senior Vice President,
Principal Accounting Officer
Brock Goggins
Senior Vice President,
Head of Retail Banking
Michael Beckwith
Senior Vice President,
Chief Commercial Banking Officer
Brent Sternberg
Senior Vice President,
Wealth Management and Insurance
Jeffrey T. Cash
Senior Vice President,
Chief Risk Officer
Zach Sibrel
President, Chief Executive Officer
German American Insurance
Sarah Howard
Senior Vice President,
Finance
John Lamb
Senior Regional President
Adrian Brown
Senior Regional President
Jane Balsmeyer
Senior Vice President,
Director of Marketing
Ed Erickson
Senior Vice President,
Director of Mortgage Services
Shaping Our Future By Doing Good Works
Named Best Bank in Indiana
by Newsweek Magazine in the less than $10 billion
in assets category. 2020 and 2021
Named “Best Bank” in community voting contests
• Madison Area Chamber of Commerce - Best Bank (Madison, IN)
• Reader’s Choice/Best of Hart County - Best Bank (Hart County, KY)
• Dubois County Herald Best of Dubois County - Best Bank, Insurance Company,
Financial Planning, Place to Work (Dubois County, IN)
• Bloomington Community Innovation Awards - Best Places to Work (Bloomington, IN )
• The Republic Reader’s Choice - Best Financial Institution (Columbus, IN)
• Courier & Press Evansville’s Community Choice - Best Bank Finalist (Evansville, IN)
• Franklin Favorite Best of Franklin - Best Bank (Franklin, KY)
7
Our local team members logged approximately
3,000 hours volunteering in the
communities we serve.
In 2021, German American Bank
invested nearly $2.9 million
in community support throughout our footprint.
German American Bank donated
$175,000+
to local schools participating
in our School Spirit Card program.
2016 - 2021
Report of Independent
Registered Public
Accounting Firm
Shareholders and the Board of Directors
German American Bancorp, Inc.
Jasper, Indiana
We have audited in accordance with the standards of the Public Company Accounting
Oversight Board (United States) the consolidated balance sheets of German American
Bancorp, Inc. as of December 31, 2021 and 2020, and the related consolidated statements
of income, comprehensive income, changes in shareholders’ equity, and cash flows for
each of the three years in the period ended December 31, 2021, appearing in the Annual
Report on Form 10-K, not appearing herein. In our report dated March 1, 2022, also
appearing in the Annual Report on Form 10-K, we expressed an unqualified opinion on
those consolidated financial statements.
In our opinion, the information set forth in the consolidated balance sheets and
consolidated statements of income presented on pages 10 and 11 is fairly stated, in all
material respects, in relation to the consolidated financial statements from which they
have been derived.
Crowe LLP
Louisville, Kentucky
March 1, 2022
8
Five Year Summary
The following selected data should be read in conjunction
with the Company’s Annual Report on Form 10-K for 2021.
Dollars in thousands, except share and per share data
Summary of Operations:
Interest Income
Interest Expense
Net Interest Income
Provision for Credit Losses
Net Interest Income after Provision for Credit Losses
Non-interest Income
Non-interest Expense
Income before Income Taxes
Income Tax Expense
Net Income
Year-end Balances:
Total Assets
2021
2020
2019
2018
2017
$ 170,379
$ 174,369
$ 176,474
$ 133,749
$ 111,030
9,549
160,830
(6,500 )
167,330
59,462
124,007
102,785
18,648
19,126
155,243
17,550
137,693
54,474
117,123
75,044
12,834
31,249
145,225
5,325
139,900
45,501
114,162
71,239
12,017
19,139
114,610
2,070
112,540
37,070
93,553
56,057
9,528
11,121
99,909
1,750
98,159
31,854
77,803
52,210
11,534
$
84,137
$
62,210
$
59,222
$
46,529
$
40,676
$ 5,608,539
$ 4,977,577
$ 4,397,672
$ 3,929,090
$ 3,144,360
Total Loans, Net of Unearned Income
3,004,264
3,088,072
3,077,091
2,728,059
2,141,638
Total Deposits
Total Long-term Debt
Total Shareholders’ Equity
Average Balances:
Total Assets
4,744,316
4,106,530
3,430,021
3,072,632
2,484,052
83,855
668,459
141,624
624,709
181,950
573,820
126,635
458,640
141,717
364,571
$ 5,369,707
$ 4,729,006
$ 4,128,535
$ 3,380,409
$ 3,002,695
Total Loans, Net of Unearned Income
3,072,302
3,185,542
2,899,939
2,339,089
2,036,717
Total Deposits
Total Shareholders’ Equity
Per Share Data:
Net Income(1)
Cash Dividends
Book Value at Year-end
Tangible Book Value Per Share(2)
Other Data at Year-end:
Number of Shareholders
Number of Employees
4,493,853
3,860,397
3,293,934
2,716,712
2,395,146
642,934
594,781
519,010
385,476
350,913
$
$
$
3.17
0.84
25.17
20.37
3,109
724
2.34
0.76
23.57
18.63
3,218
776
2.29
0.68
21.51
16.49
3,672
821
$
1.99
$
0.60
18.37
13.81
3,705
747
1.77
0.52
15.90
13.45
3,459
621
Weighted Average Number of Shares(1)
26,537,311
26,539,024
25,824,538
23,381,616
22,924,726
Selected Performance Ratios:
Return on Assets
Return on Equity
Equity to Assets
Dividend Payout
Net Charge-offs (Recoveries) to Average Loans
Allowance for Credit Losses to Loans
Net Interest Margin
(1) Share and Per Share Data includes the dilutive effect of stock options.
1.57 %
13.09 %
11.92 %
26.41 %
0.11 %
1.23 %
3.31 %
9
1.32 %
10.46 %
12.55 %
32.37 %
0.08 %
1.52 %
3.63 %
1.43 %
11.41 %
13.05 %
29.64 %
0.17 %
0.53 %
3.92 %
1.38 %
12.07 %
11.67 %
30.25 %
0.08 %
0.58 %
3.75 %
1.35 %
11.59 %
11.59 %
29.11 %
0.04 %
0.73 %
3.76 %
(2) Tangible Book Value per Share is defined as Total Shareholders’ Equity less Goodwill
and Other Intangible Assets divided by End of Period Shares Outstanding.
Consolidated Balance Sheets
Dollars in thousands, except share and per share data
Assets
Cash and Due from Banks
Federal Funds Sold and Other Short-term Investments
Cash and Cash Equivalents
Interest-bearing Time Deposits with Banks
Securities Available-for-Sale, at Fair Value (Amortized Cost $1,869,198 for December 31, 2021;
Amortized Cost $1,172,175 for December 31, 2020; No Allowance for Credit Losses)
Other Investments
Loans Held-for-Sale, at Fair Value
Loans
Less:
Unearned Income
Allowance for Credit Losses
Loans, Net
Stock in FHLB of Indianapolis and Other Restricted Stock, at Cost
Premises, Furniture and Equipment, Net
Other Real Estate
Goodwill
Intangible Assets
Company Owned Life Insurance
Accrued Interest Receivable and Other Assets
TOTAL ASSETS
Liabilities
Non-interest-bearing Demand Deposits
Interest-bearing Demand, Savings, and Money Market Accounts
Time Deposits
Total Deposits
FHLB Advances and Other Borrowings
Accrued Interest Payable and Other Liabilities
TOTAL LIABILITIES
Shareholders’ Equity
Common Stock, no par value, $1 stated value; 45,000,000 shares authorized
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Income
TOTAL SHAREHOLDERS’ EQUITY
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
End of period shares issued and outstanding
See Annual Report on Form 10-K.
10
December 31,
2021
2020
$
47,173
$
57,972
349,717
396,890
287,776
345,748
745
1,241
1,889,617
1,217,852
353
353
10,585
16,904
3,007,926
3,091,998
(3,662 )
(37,017 )
(3,926 )
(46,859 )
2,967,247
3,041,213
13,048
88,863
-
121,761
5,845
70,070
43,515
13,168
96,593
325
121,956
8,984
69,250
43,990
$
5,608,539
$ 4,977,577
$
1,529,223
$ 1,183,442
2,867,994
2,428,636
347,099
494,452
4,744,316
4,106,530
152,183
43,581
194,529
51,809
4,940,080
4,352,868
26,554
276,057
350,364
15,484
26,502
274,385
288,447
35,375
668,459
624,709
$
5,608,539
$ 4,977,577
26,553,508
26,502,157
Consolidated Statements of Income
Dollars in thousands, except per share data
Interest Income
Interest and Fees on Loans
Interest on Federal Funds Sold and Other Short-term Investments
Interest and Dividends on Securities:
Taxable
Non-taxable
$
TOTAL INTEREST INCOME
Interest Expense
Interest on Deposits
Interest on FHLB Advances and Other Borrowings
TOTAL INTEREST EXPENSE
NET INTEREST INCOME
Provision for Credit Losses
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES
Non-Interest Income
Wealth Management and Investment Services Income
Service Charges on Deposit Accounts
Insurance Revenues
Company Owned Life Insurance
Interchange Fee Income
Other Operating Income
Net Gains on Sales of Loans
Net Gains on Securities
TOTAL NON-INTEREST INCOME
Non-Interest Expense
Salaries and Employee Benefits
Occupancy Expense
Furniture and Equipment Expense
FDIC Premiums
Data Processing Fees
Professional Fees
Advertising and Promotion
Intangible Amortization
Other Operating Expenses
TOTAL NON-INTEREST EXPENSE
Income before Income Taxes
Income Tax Expense
Net Income
Basic Earnings per Share
Diluted Earnings per Share
See Annual Report on Form 10-K.
$
$
$
11
2021
Years Ended December 31,
2020
2019
139,151
488
12,962
17,778
170,379
4,955
4,594
9,549
160,830
(6,500 )
167,330
10,321
7,723
9,268
1,529
13,116
6,991
8,267
2,247
59,462
68,570
11,081
3,750
1,419
7,611
5,009
4,197
2,731
19,639
124,007
102,785
18,648
84,137
3.17
3.17
$151,658
382
$
10,447
11,882
174,369
13,696
5,430
19,126
155,243
17,550
137,693
8,005
7,334
8,922
2,307
10,529
3,388
9,908
4,081
54,474
68,112
10,033
3,991
740
6,889
3,998
3,589
3,539
16,232
152,481
522
13,910
9,561
176,474
23,805
7,444
31,249
145,225
5,325
139,900
7,278
8,718
8,940
2,005
9,450
3,229
4,633
1,248
45,501
63,885
9,988
3,788
533
7,927
4,674
4,230
3,721
15,416
117,123
114,162
75,044
12,834
62,210
2.34
2.34
$
$
$
71,239
12,017
59,222
2.29
2.29
$
$
$
Tribute to Mark Schroeder
Shaping Our Future
50 Years of Service
23 Years as CEO
As announced on July 1, 2021, Mark Schroeder has passed the CEO
responsibilities to D. Neil Dauby effective January 1, 2022. Mark then
stepped into an executive management mentoring role as Executive
Chairman and will continue as chairman of the Company’s Board
until the completion of his current board term at the 2023 annual
shareholders’ meeting. This leadership transition was put into place
by Mark and the Board of Directors over the course of several years
to ensure the Company’s continued growth and success well beyond
the year 2022. We are confident that Neil and his very capable
executive and senior management team, along with the entire German
American team, are well prepared to continue the forward momentum
of our Company. We are grateful for Mark’s vision and integrity as he
approached this important management succession plan. Knowing
Mark’s commitment to our Company, our clients, and the communities
served, we expected nothing less than extraordinary.
Explaining what Mark means to our Company is no easy task. The
legacy he built over the past five decades began with employment
as vault teller, when the Bank’s total assets were approximately $50
million with about 40 employees, and ended with him serving for 23
years as CEO. He was named President of the Company and joined the
Board of Directors on January 1, 1991 at the age of 36. Mark succeeded
George Astrike as CEO on January 1, 1999. At that time, the Company’s
total assets stood at approximately $900 million with 364 employees.
Under Mark’s disciplined approach to growth and opportunities, the
Company today has reported total assets of approximately $6.7 billion,
inclusive of the Citizens Union Bank acquisition effective January 1,
2022, with 894 employees located throughout southern Indiana and
central and southern Kentucky, providing a strong foundation on which
to shape our future growth and prosperity.
“The good-to-great leaders never wanted to become larger-than-life heroes. They never aspired
to be put on a pedestal or become unreachable icons. They were seemingly ordinary people
quietly producing extraordinary results.” ― Jim Collins, Good to Great: Why Some Companies Make the
Leap...and Others Don’t.”
As a proclaimed disciple of Jim Collins, this quote captures Mark’s
leadership style quite well. He would be the first to say that he did
nothing on his own. He is a pillar in the financial services industry,
12
AMERICAN BANKER
Best in Banking 2016
and is known, not just within our walls, yet throughout the entire country, as a
consummate banking industry leader and professional. As he accepted awards and
recognition throughout his career, Mark was quick to apply the recognition to the
entire German American Team. One of the pinnacles of his career was being named as
one of three nationwide Community Bankers of the Year for 2016 by American Banker
magazine. In 2009, during the height of the great recession, Mark was chosen as one of
twelve community bankers in the nation to meet with President Barack Obama at the
White House to discuss local economies and small business lending challenges.
As a life-long community banker who has served as Chairman of the Community
Bankers of Indiana and in various capacities with the Independent Community Bankers
of America on the national level, Mark has always clearly understood and advocated
the importance of a community bank’s role and responsibility in the development and
growth of the local market’s economic base. Under Mark’s leadership during his tenure,
first as President and then CEO, the Company has successfully engineered twenty
merger and acquisition transactions to bring like-minded community banks into the
German American family. As the Company has grown its footprint, Mark remained
steadfast in his vision to serve local markets with talented, local leadership teams
who are ingrained in the local community. He has earnestly shared our view that, with
boards of directors and management teams representing the local markets served, a
community banking organization can scale and effectively compete against much larger
financial institutions. And, in doing so, it can deliver both the essential value to its
shareholders and personalized service excellence to clients.
German American’s stock has performed extremely well under Mark’s leadership,
generating 12 consecutive years of record earnings, 17 consecutive years of double-digit
return on equity, and inclusive of 2022, 10 consecutive years of increased dividends.
Mark has served our shareholders in an exceptional manner, as the Company’s stock
has also delivered double-digit total returns to shareholders over the course of the past
two decades and has provided the Company with a solid foundation for future growth.
While Mark will no longer be involved in the day-to-day operations of the Company
effective on the anniversary of his 50 years of service retirement date of May 22, 2022,
he will continue as Chairman of the Board through his 2023 term. Mark will forever be
part of the German American Bank family and the author of one of its greatest stories
in shaping our future.
In honor of Mark’s commitment to the shareholders of German American Bancorp, Inc.
and his lasting contributions to the future of our Company and community banking, we
invite you to attend a reception immediately following this year’s shareholders’ meeting
to wish Mark well in his well-deserved retirement years and to greet Neil as the new
CEO of our Company.
The Board of Directors
German American Bancorp, Inc.
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