Key Developments For Ameris Bancorp
Ameris Bancorp (ABCB.O) (Nasdaq)
Ameris Bancorp Announces Acquisition of United Security Bank
Ameris Bancorp announced 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. 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 Announces Acquisition Of Assets Of American United Bank
Ameris Bancorp announced that its wholly owned banking subsidiary, Ameris Bank, has entered into a definitive agreement with the Federal Deposit Insurance Corporation (the FDIC) to assume all of the deposits and acquire certain assets of American United Bank, a full service, single office bank located in Lawrenceville, Georgia. As a result of this acquisition, Ameris Bank will be acquiring the assets and deposits of American United Bank at a discount of $19,645,000 and a premium on deposits totaling approximately $286,000. Ameris Bank will assume approximately $101 million in total deposits and acquire $83 million in total loans and $3.6 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 Declares Stock Dividend
Ameris Bancorp announced that its Board of Directors has approved the distribution of the Company's regular quarterly dividend to be paid in shares of common stock. The stock dividend is equal in value to the prior quarter's cash dividend of $0.05 per share, based on the Company's average thirty day closing stock price through September 17, 2009 of $6.47 per share. The dividend rate is 0.7692 percent, and the Company will distribute one new share for every 130 shares held on the record date. The record date is September 30, 2009, with a payable date of October 10, 2009.
Ameris Bancorp Cuts 65 Jobs; Slashes Quarterly Dividend-Reuters
Reuters reported that Ameris Bancorp has reduced about 65 jobs, or 10% of its workforce, and slashed its quarterly dividend by 64% to improve its financial strength and cut costs. The Company reduced its quarterly dividend to $0.05 per share from the $0.14 it paid last quarter. The dividend is payable to shareholders of record on September 30, 2008.
Ameris Bancorp Announces Share Repurchase Program
Ameris Bancorp announced that its Board of Directors has approved a share repurchase program authorizing the Company to repurchase up to 1,000,000 shares of its common stock, or approximately 7.4% of its shares of common stock outstanding at September 30, 2007, between December 1, 2007 and December 31, 2008.
