Law Firm Brower Piven Announces Investigation in Connection With the Acquisition of Indiana Community Bancorp by Old National...

The law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of Indiana Community Bancorp (NASDAQ: INCB) and other violations of law by its board of directors of (“Board”) relating to the proposed acquisition by Old National Bancorp (“Old National”). The firm’s investigation seeks to determine, among other things, whether the Board breached its fiduciary duties by failing to maximize shareholder value.

On January 25, 2012, Indiana Community Bancorp and Old National jointly announced that they had entered into a definitive agreement pursuant to which Indiana Community Bancorp shareholders will receive 1.90 shares of Old National common stock for each share of Indiana Community Bancorp common stock held by them. According to the press release, based upon a $12.00 per share Old National common stock price (stock price based on 20 day average from December 21, 2011, to January 20, 2012), the transaction is valued at approximately $79.2 million. As stated in the press release, the transaction is expected to close in the second quarter of 2012.

If you currently own shares of Indiana Community Bancorp and would like to learn more about the investigation being conducted by Brower Piven, you may email or call Brower Piven who will, without obligation or cost to you, attempt to answer your questions. You may contact Brower Piven by email at hoffman@browerpiven.com, by calling (410) 415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.

Indiana Community Bancorp (MM) (NASDAQ:INCB)
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