MOULTRIE, Ga., Nov. 6 /PRNewswire-FirstCall/ -- AMERIS BANCORP (Nasdaq GS:
ABCB), announced today that its wholly-owned subsidiary, Ameris Bank, has
entered into a definitive agreement with the Federal Deposit Insurance
Corporate ("FDIC") to assume all of the deposits and acquire certain assets of
United Security Bank, a full service bank headquartered in Sparta, Georgia,
with an additional banking office in Woodstock, Georgia. The Georgia
Department of Banking and Finance today declared United Security Bank closed
and appointed the FDIC as receiver.
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As a branch of Ameris Bank, the Sparta office will be open and serving
customers on Saturday, November 7, 2009, from 9:00 a.m. until noon. Both the
Woodstock and Sparta offices will be open on Monday, November 9, 2009, during
the bank's normal business hours. United Security Bank depositors will
automatically become depositors of Ameris Bank, and deposits will continue to
be insured by the FDIC. With this acquisition, Ameris Bank will now operate 53
locations in Georgia, Florida, Alabama and South Carolina.
Edwin W. Hortman, Jr., President & CEO of Ameris Bank commented, "With
excitement we welcome United Security Bank's customers and employees to Ameris
Bank. Customers can be assured that their deposits remain safe and are readily
accessible. Since 1971, Ameris Bank has supported the financial needs of local
communities, and we are excited to continue this tradition through
loss-sharing arrangements with the FDIC."
As a result of this acquisition, Ameris Bank will be acquiring the assets and
deposits of United Security Bank at a discount of $32,615,000. Ameris Bank
will assume approximately $150 million in total deposits, and acquire $111
million in total loans and $12 million in other real estate (ORE). The loans
being purchased are covered by a loss-share agreement which affords Ameris
Bank significant loss protection for the next five years.
Ameris Bancorp is headquartered in Moultrie, Georgia, and has 53 locations in
Georgia, Alabama, northern Florida and South Carolina. For additional
information about Ameris Bank, please visit our web site at
www.amerisbank.com.
Ameris Bancorp Common Stock is quoted on the NASDAQ Global Select Market under
the symbol "ABCB". The preceding release contains statements that constitute
"forward-looking statements" within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended. The words "believe", "estimate", "expect", "intend",
"anticipate" and similar expressions and variations thereof identify certain
of such forward-looking statements, which speak only as of the dates which
they were made. The Company undertakes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new information,
future events, or otherwise. Readers are cautioned that any such
forward-looking statements are not guarantees of future performance and
involve risks and uncertainties, and that actual results may differ materially
from those indicated in the forward-looking statements as a result of various
factors. Readers are cautioned not to place undue reliance on these
forward-looking statements.
SOURCE Ameris Bancorp
Dennis J. Zember Jr., Executive Vice President & CFO, +1-229-890-1111
