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Exhibit 21
SUBSIDIARIES OF THE REGISTRANT
(AS OF MARCH 1, 2019)
| Name of Subsidiary | State/Jurisdiction of Incorporation/Organization | Other Names under which Subsidiary Does Business |
| German American Bancorp | Indiana | |
| GAB Investment Company, Inc. | Nevada | |
| GAB Investment Center, Inc. | Nevada | |
| GAB Investments, LLC | Nevada | |
| GAB Capital Funding Corp. | Nevada | |
| GAB Funding Corp. | Maryland | |
| First Title Insurance Company | Indiana | |
| GABC Leasing, Inc. | Indiana | |
| GABC Holdings, Inc. | Indiana | |
| GABC Development Corporation | Indiana | |
| German American Investment Services, Inc. | Indiana | |
| German American Insurance, Inc. | Indiana | |
| Allied Premium Finance Company | Indiana | |
| GABC Risk Management, Inc. | Nevada | |
| German American Reinsurance Company, Ltd. | Turks and Caicos Islands | |
| Financial Services of Southern Indiana, Inc. | Indiana | |
| ACB Capital Trust I | Delaware | |
| ACB Capital Trust II | Delaware | |
| Madison 1st Service Corporation | Indiana | |
| RIVR Statutory Trust I | Connecticut | |
| FS Realty Holding, LLC | Indiana | |