First Security Bank announced it was merging with German American Bank in May, but after shareholder meeting in early September, final plans were made on a closing date.
President and CEO of First Security, Mike Beckwith, said the sale has been completed, but customers won’t see any changes until Nov. 10 – 11.
At that time, customers can expect to see the exteriors of the downtown and south Frederica Street locations change mid-November, Beckwith said. One of these changes will be a new $65,500 sign for the south Frederica Street branch, according to a recent Owensboro Metropolitan Planning Commission report.
Beckwith also said that German American will be expanding in Owensboro, adding a branch to Highway 54. The bank, based out of Jasper, Ind., has already purchased the old Fifth Third Bank at the corner of Highway 54 and Fairview Drive with plans to open sometime next year.
Beckwith says this merger will be a seamless transition for both customers and employees.
“This is German American’s 20th acquisition,” Beckwith said. “They know what they are doing.”
The merger with First Security marks German American’s entrance into Kentucky, which Beckwith said was strategic due to First Security’s locations in Owensboro, Bowling Green and Lexington. He says Owensboro will act as a support system for the area.
Beckwith said the merger will cause a “duplication of some efficiencies,” but German American will keep a fair number of people, something that is still being worked out.
