German American Bancorp (GABC) just unveiled an update.
German American Bancorp has divested the majority of its insurance subsidiary’s assets to The Hilb Group for $40 million in cash, marking a strategic shift for the company. The agreement includes a nine-month transition service period and a five-year non-compete clause for the company in the insurance sector. The insurance arm had previously reported $9.6 million in revenue and $1.7 million in net income for 2023. This move is expected to refocus German American Bancorp’s efforts and could potentially reshape its financial landscape.
For an in-depth examination of GABC stock, go to TipRanks’ Stock Analysis page.
