B. Riley FBR Acts as Sell-Side Advisor to Atlantic Coast Financial Corporation in its Sale to Ameris Bancorp
December 07 2017 - 04:34PM
B. Riley FBR, Inc. (“B. Riley FBR”), a leading full service
investment bank and wholly-owned subsidiary of B. Riley Financial,
Inc. (NASDAQ:RILY), served as a sell-side advisor to Atlantic Coast
Financial Corporation (NASDAQ:ACFC) (“Atlantic Coast”) in its sale
to Ameris Bancorp (NASDAQ:ABCB) ("Ameris"). The transaction, which
is expected to close in the second quarter of 2018, is valued at
approximately $145 million at announcement.
Throughout its long relationship with Atlantic Coast as their
trusted advisor, B. Riley FBR has leveraged its comprehensive
financial services platform to ensure a successful outcome, which
includes raising capital at a substantial premium to the market
capitalization in 2013, and ultimately securing Ameris as a
potential buyer.
Headquartered in Jacksonville, Atlantic Coast is a
community-oriented financial institution with twelve operating
banking locations serving the Southeast Georgia and Northeast and
Central Florida markets. Ameris, a bank holding company
headquartered in Georgia, currently has 97 locations in Georgia,
Alabama, northern Florida and South Carolina. Upon completion of
the transaction, the combined company will have approximately $8.6
billion in assets, $6.9 billion in loans, $6.6 billion in deposits
and a branching network across four states, as well as solidifies
Ameris’ position as the premier community bank in Northeast
Florida.
“After having worked with the B. Riley FBR team over the past
few years, we witnessed firsthand their proven track record of
maximizing shareholder value,” said John K. Stephens, Jr., Chief
Executive Officer of Atlantic Cost. “The firm has deep knowledge in
depository institutions and not only helped provide capital for the
bank at a critical time to help us grow, but also worked diligently
in identifying Ameris as the right partner for Atlantic Coast.”
“We are very pleased to have been able to provide a pivotal
capital raise for Atlantic Coast, representing a substantial
shareholder value creation in the process, and subsequently
bringing together two exceptional leadership teams to propel the
combined company forward,” said Ajay Asija, Senior Managing
Director at B. Riley FBR. “We strived to help Atlantic Coast attain
its strategic objectives throughout this process.”
About B. Riley FBR, Inc.
B. Riley FBR, Inc. is a leading investment bank which
provides corporate finance, research and sales and trading to
corporate, institutional and high net worth individual clients.
Investment banking services include initial secondary and follow-on
offerings, institutional private placements and merger and
acquisitions advisory services. The firm is nationally recognized
for its highly ranked proprietary equity research.
B. Riley Financial, Inc. is a publicly traded, diversified
financial services company which takes a collaborative approach to
the capital raising and financial advisory needs of public and
private companies and high net worth individuals. The Company
operates through several wholly-owned subsidiaries,
including B. Riley FBR, Inc., Wunderlich
Securities, Inc., Great American Group, LLC, B. Riley
Capital Management, LLC (which includes B. Riley Asset
Management, B. Riley Wealth Management, and Great
American Capital Partners, LLC) and B. Riley Principal Investments,
a group that makes proprietary investments in other businesses,
such as the acquisition of United Online, Inc.
Media Contact Joe LoBello LoBello
Communications 516-902-2684 Joe@LoBelloCommunications.com
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