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Provider: Thomson Reuters Stock Report
Provider: New Constructs, LLC
Provider: MacroRisk Analytics/EconomicInvestor
Provider: Sadif Analytics Prime

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Ameris Bancorp To Acquire The Prosperity Banking Company

Thursday, 2 May 2013 08:00am EDT 

Ameris Bancorp announced the signing of a definitive merger agreement under which Ameris will acquire The Prosperity Banking Company, the parent company of Prosperity Bank. Upon completion of the holding company merger, Prosperity Bank will be merged with and into Ameris Bank. The acquisition further expands Ameris's existing Southeastern footprint in several attractive Florida markets. Under the terms of the merger agreement, Prosperity shareholders will have the option to elect to receive either 3.125 shares of Ameris common stock or $41.50 in cash for each share of Prosperity common stock, subject to the requirement that no more than 50% of the overall consideration will be in the form of cash. Assuming 100% stock consideration, the transaction would be valued at approximately $15.7 million, based on Ameris's closing stock price of $13.32 on May 1, 2013 and Prosperity's common shares outstanding of 377,960 as of December 31, 2012. The transaction is expected to close in the third quarter of 2013. Keefe, Bruyette & Woods, Inc. served as financial advisor and Rogers & Hardin LLP provided legal counsel to Ameris Bancorp. Allen C. Ewing & Co. provided a Fairness Opinion and Smith Mackinnon, PA provided legal counsel to Prosperity Banking Company. 

Company Quote

0.03 +0.12%
26 Dec 2014