Ameris Bancorp Announces Acquisition of United Security Bank
November 06 2009 - 5:35PM
PR Newswire (US)
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. (Logo:
http://www.newscom.com/cgi-bin/prnh/20051117/CLTH039LOGO) 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 http://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.
http://www.newscom.com/cgi-bin/prnh/20051117/CLTH039LOGODATASOURCE:
Ameris Bancorp CONTACT: Dennis J. Zember Jr., Executive Vice
President & CFO, +1-229-890-1111 Web Site:
http://www.amerisbank.com/
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