SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Pfeiffer Gene F

(Last)

(First)

(Middle)

635 SOUTH EICKHOFF ROAD

(Street)

EVANSVILLE

47712

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
American Community Bancorp, Inc. [ ACBP ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
03/17/2005

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	03/17/2005		P		200	A	$13.75	50,700	D
Common Stock	03/17/2005		P		1,600	A	$14	52,300	D
Common Stock								6,000	I	See footnote 1⁽¹⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Warrants to purchase common stock	$10							⁽²⁾	⁽²⁾	Common Stock	12,500		12,500	D
Options to purchase common stock	$10.8							⁽³⁾	⁽³⁾	Common Stock	12,000		12,000	D

Explanation of Responses:

1. By Jeanne A. Pfeiffer wife of Mr. Pfeiffer

2. Warrants granted July 2001 to purchase common stock at $10.00 per share with vesting over a three year period, 1/3 each year in 2002, 2003 and 2004. The warrants expire 10 years from the date of grant

3. Options granted in April 2003 at $10.80 per share vesting five years from the grant date with accelerated vesting based upon the Company's common stock attaining certain market value and/or book value levels as described as follows: Vesting of 1/3 of the grant is accelerated when the market price of the Company's common stock reached $15.00 for a period of thirty consecutive days or the book value of the Company's common stock reached $10.00 per share. An additional 1/3 of the grant vests when the market value of the Company's common stock reaches $16.50 for a period of 30 consecutive days and/or the book value reaches $11.00 per share. The last 1/3 of the grant vests when the market value of the Company's common stock reached $18.00 for a period of 30 consecutive days and/or the book value of the Company's common stock reaches $12 per share. In addition, the grant vests upon a change in control of the Company. The options expire 10 years from the grant date.

	/s/ Stephen C. Byelick, Jr. Attorney-in-fact	03/18/2005
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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