ameris bancorp
ameris bancorp: u. s. fed approves ameris bancorp - hamilton state bancshares merg. .
ameris bancorp: bank finalizes $ 400m - plus acquisition of hamilton s. .
ameris bancorp: completion of acquisition or disposition of assets, creation of. .
ameris bancorp: completion of acquisition or disposition of assets, other event. .
ameris bancorp' s 12 months eps from cont. operations growth year on year
ameris bancorp: completes acquisition of hamilton state bancshares, inc. and an. .
is ameris bancorp (nasdaq: abcb) worth $ 52. 7 based on intrinsic value ?
abcb stock price - ameris bancorp stock quote (u. s. : nasdaq) - marketwatch
zember said the integration of jacksonville bancorp’s operations and customer relationships into ameris has been “outstanding. ”
a slow - down in the ameris bancorp' s eps from cont. operations growth from the
ameris bancorp eps from cont. operations growth rates (abcb), current and historic growth - csimarket
to this point, ameris bancorp operated as several independently chartered and branded financial institutions. in 2006, we become one bank, one brand. ameris bancorp completed the multi - charter collapse to a single charter and one brand: ameris bank .
given the strong balance sheet position, ameris bancorp (abcb) is expected to continue growing through acquisitions .
ameris bancorp' s (abcb) ceo ed hortman on q1 2018 results - earnings call tra. .
on june 29, ameris bancorp - the parent company of moultrie, georgia - based ameris bank - completed its acquisition of hamilton state bank parent company hamilton state bancshares inc .
our executive team and bancorp board of directors are the senior - most leaders and the decision - making body of ameris bank and ameris bancorp. each individual carries deep - rooted industry knowledge as well as seasoned experience in his or her field of expertise .
ameris bancorp completes acquisition of hamilton state bancshares, inc. and announces date of second quarter 2018 earnings release date and conference call
other companies have achieved higher eps from cont. operations growth. while ameris bancorp' s eps from cont. operations decrease of
for online banking enrollment instructions, reference the ameris bank online banking enrollment guide and ameris bank advanced login authentication instructions .
according to ameris bank spokeswoman ann - stanton cannarella, “ameris bank made the decision to increase our presence to allow for growth in personnel and to increase ameris bank brand exposure. ”
today, a director at ameris bancorp (nasdaq: abcb), robert dale ezzell, sold shares of abcb... [... ]
jacksonville may lose one major banking headquarters if everbank financial corp. accepts a buyout offer, but it does seem to be gaining another in ameris bancorp .
u. s. bank home > about u. s. bancorp > investor / shareholder information
with the quarterly eps from cont. operations reported in the mar 31 2018 period, ameris bancorp' s cumulative twelve months eps from cont. operations were $
ameris bank uses mentoring programs for everything from onboarding to executive - level development. here is how to mentor the ameris way .
the u. s. federal reserve said on wednesday it had approved a merger between georgia' s ameris bancorp and hamilton state bancshares, in a further sign of growing bank consolidation in the country. ameris, ...
ameris bancorp completed its first acquisition in the state of south carolina. this led to the establishment of nine additional locations throughout south carolina, all opening between 2006 - 2014 .
other companies have achieved higher eps from cont. operations quarter on quarter growth. while ameris bancorp' s eps from cont. operations growth quarter on quarter, overall rank is
moultrie, ga. , june 6, 2018 / prnewswire / - - ameris bancorp (nasdaq: abcb) (the
company
), the parent company of ameris bank, today announced that effective as of july 5, 2018, edwin w. hortman, jr. will be succeeded as president and chief executive officer of ameris bancorp by dennis j. zember jr. mr. zember currently serves as executive vice president and chief operating officer of the company and chief executive officer of ameris bank .
ameris bancorp, a publicly traded holding company with more than $ 8 billion in assets, first announced the acquisition of hoschton, georgia - based hamilton state bank on jan. 26 .
the decline in the first quarter ameris bancorp' s eps from cont. operations compares unfavorably to the company' s average eps from cont. operations increase of 14. 96% .
in 1996, abc bancorp completed its first acquisition in the state of alabama, which resulted in six alabama banking locations .
looking for an ameris bank branch or atm near you? use our location finder .
to establish online bill pay, reference the ameris bank online bill pay enrollment guide .
abc holding company continued to expand by acquiring three more financial institutions in georgia. in 1986, abc holding company became abc bancorp .
washington (reuters) - the u. s. federal reserve said on wednesday it had approved a merger between georgia' s ameris bancorp and hamilton state bancshares, in a further sign of growing bank consolidation ...
ameris still officially lists its headquarters address as moultrie, ga. , but it recently moved its executive offices to the riverplace tower on the southbank and expanded its banking operations in northeast florida with the acquisition of jacksonville bancorp inc .
to denote your e - statement preference, reference the ameris bank e - statement enrollment guide .
moultrie, ga. , july 2, 2018 / prnewswire / - - ameris bancorp (nasdaq: abcb) (the
company
) announced today that it completed the acquisition of hamilton state bancshares, inc. (
hamilton ...
moultrie, ga. , may 29, 2018 / prnewswire / - - ameris bancorp (nasdaq: abcb) (the
company
) announced today that it completed the acquisition of atlantic coast financial corporation (
acfc
) ...
moultrie, ga. , april 6, 2018 / prnewswire / - - ameris bancorp (nasdaq: abcb) (the
company
) today announced that it intends to release its first quarter 2018 financial results in a press release ...
with its recent acquisition of 18 bank of america banking centers across the southeast, parent company ameris bancorp (nasdaq: abcb) has approximately $ 5. 4 billion in total assets. ameris operates more than 100 full - service branches throughout its southeast footprint, including 10 in northeast florida. cecil gibson is market president for the north florida region .
hamilton state shareholders, bassett said, appear to be quite pleased with the integration with ameris bank .
new york, ny / accesswire / april 20, 2018 / ameris bancorp (nasdaq: abcb) will be discussing their earnings results in their q1 earnings call to be held on april 20, 2018 at 10: 00 am eastern time. to ...
bassett said ameris will continue to
competitively
operate the banks acquired in the hamilton state bank merger .
according to a document prepared by financial advising firm stephens inc. , the transaction was valued at $ 405. 7 million. post - merger, stephens estimates ameris bancorp' s total assets at $ 11. 3 billion, with a branch network spanning four states .
ameris bancorp, the parent company of ameris bank, continues expanding to include seven more fdic - assisted acquisitions (2010 - 2012), four whole bank mergers (2013 - 2016), and the acquisition of 18 bank of america locations (2015). ameris bank proudly became the title sponsor of the jacksonville marathon in 2016, carrying on the tradition of the oldest marathon in jacksonville, florida. in 2017, across the southeast, ameris bank financed over $ 1 billion in businesses, over $ 25 million in personal financing needs, and over $ 4. 9 billion in home loans .
moultrie, ga. , april 20, 2018 / prnewswire / - - ameris bancorp (nasdaq: abcb) (the
company
) today reported net income of $ 26. 7 million, or $ 0. 70 per diluted share, for the quarter ended march ...
the area’s workforce was also key in ameris’ decision to grab a greater piece of real estate in the river city .
for step - by - step directions on setting up account alerts, reference the ameris bank online and text alerts guide .
ameris’ stock rose from $ 30. 31 before the july 22 earnings report to as much as $ 33. 74 last week .
“ameris bank is a high - performing institution, and we are also a community bank with plans to provide exceptional service to our customers and be a champion for members in the community for years to come. ” – ameris bank ceo edwin w. hortman, jr .
in addition to joining the jacksonville skyline with its name atop the riverplace tower, ameris bank remains committed to the northeast florida area with the recent acquisition of the jacksonville bank and the bank serving as the title sponsor of the ameris bank jacksonville marathon to be held in december .
she said she' s particularly impressed by the technological capabilities of ameris bank, which she said offers several products hamilton state bank did not .
ameris bank bought up banks on the cheap in the southeastern u. s. to help it vault up the list from no. 76 last year .
ameris bank’s move into the riverplace tower later this year is part of the georgia - based institution’s strategic plan to increase its visibility in the jacksonville market .
ameris bank, the largest community bank by deposit market share in jacksonville, celebrated the opening of the company’s executive offices in the riverplace tower in downtown jacksonville .
with a 40 + year strong commitment to agribusiness owners, ameris bank continues to provide solutions with benefits specifically designed for ag businesses of all forms and sizes. learn more
ameris will begin occupying a suite on the 26th floor of the downtown building by january 2016 and install marquee signage at the top of the office tower around the same time .
a state - of - the - art branch designed for customer - employee engagement will open in the lobby of riverplace tower on july 11, to serve ameris bank customers .
hamilton state bank has 24 banking locations in metro atlanta. it will operate as a division of ameris bank until its transition and conversion is completed at a later date, .
cannarella said the bank sees “great potential” in the jacksonville market and greater visibility would “enhance our ability to attract the additional highly skilled professionals ameris bank needs as we continue to grow. ”
during the company’s conference call to discuss second - quarter earnings, chief operating officer and chief financial officer dennis zember said he needed to brag about how well ameris is doing in jacksonville .
in 2001, we expanded into the state of florida with the acquisition of two florida financial institutions. during this same year, we also acquired another financial institution in georgia. throughout the 2000s, in total abc bancorp acquired nine financial institutions, including two fdic - assisted transactions .
in the riverplace tower, ameris will open a branch on the first floor in the near future and there are also plans to expand operations to an additional floor within the building at some point .
“our commitment to jacksonville and northeast florida reaches far beyond new branches and the addition of our executive team headquarters, ” said edwin w. hortman, jr. , ameris bank ceo. “ameris bank is a high - performing institution, and we are also a community bank with plans to provide exceptional service to our customers and be a champion for members in the community for years to come. ”
ameris reported earnings of 57 cents a share in the quarter, up from 38 cents in the second quarter of 2015 and 4 cents higher than the average forecast of analysts, according to thomson financial .
the ameris bank leadership team remains committed to providing the vision and opportunities necessary for our company to grow consistently and strategically year after year. our company’s success is made possible by our leadership and talented employees, who continue to craft and execute bold and creative strategies, while providing exceptional customer experiences. supporting our executive team is ameris bank’s unique structure, one with local market leadership and support from local community boards .
ameris bank has several operations throughout the metro atlanta area. its mortgage group is headquartered in marietta, its u. s. premium finance division is headquartered in norcross and its government - guaranteed lending division is headquartered in midtown atlanta .
in a world that is changing faster than ever, one thing at u. s. bancorp is unchanged: everything we do is centered on building trust with our shareholders, customers, communities and employees – every day. visit our 2017 annual report to learn how we have worked for more than 150 years to be the most trusted choice for our stakeholders .
what started as one location, with $ 1 million in capital, in moultrie, ga. , ameris has now blossomed into a publicly traded bank with over $ 6 billion in assets that provides innovative products and personal service to customers across the southeast .
three of hamilton state bank' s 28 georgia locations - which are currently operating as divisions of ameris bank - are in bartow. one location, however, the
end cap
at 12 euharlee road, will cease operations effective aug. 1 .
ameris bancorp is a bank holding company, which through the subsidiary, ameris bank, engages in the provision of banking services to its retail and commercial customers. it operates through the following business segments: banking, retail mortgage, warehouse lending, the sba and premium finance. the banking segment offers full service financial services to include commercial loans, consumer loans and deposit accounts. the retail mortgage segment includes origination, sales, and servicing of one - to - four family residential mortgage loans. the warehouse lending segment includes the origination and servicing of warehouse lines to other businesses that are secured by underlying one - to - four family residential mortgage loans. the sba segment comprises of origination, sales, and servicing of small business administration loans. the premium finance segment comprises origination and servicing of commercial insurance premium finance loans. the company was founded on december 18, 1980 and is headquartered in moultrie, ga .
bassett said the weekend of oct. 12 - 14 is being targeted as the
conversion
dates when the core hamilton state system changes to the core ameris system. customers, he said, should see very little changes to their accounts during or after this switchover period .
the work that we do on the back end to make sure all the products and services convert and flow over, it' s pretty seamless ,
he said .
they will receive new debit cards from ameris bank, and those are very easy to activate .
ameris bank opened its doors as american banking company on october 1, 1971. what started as one location, with $ 1 million in capital, in moultrie, georgia, has now blossomed into a publicly traded bank that provides innovative products and personal service to customers across the southeast .
it was a cash - in stock transaction, so hamilton state shareholders are entitled to receive, for each share of hamilton voting and non - voting common stock outstanding, $ 0. 93 per share in cash and 0. 16 shares of any fractional shares of common stock of ameris bank ,
he said .
many city, business and community leaders, including dr. charles moreland with the office of mayor curry, greg anderson with the jacksonville city council and daniel davis with the jacksonville chamber of commerce, joined ameris bank ceo edwin w. hortman, jr. and president andy cheney at the event to celebrate the company’s continued growth in jacksonville .
the information that is on or available through this site is for informational purposes only and speaks only as of the particular date or dates of that information. we do not guarantee the accuracy or completeness of information on or available through this site, and we are not responsible for inaccuracies or omissions in that information or for actions taken in reliance on that information. u. s. bancorp does not undertake an obligation, and disclaims any duty, to update any of the information on or available through this site. view our software & browser requirements .
as far as our core banking operations, we didn' t have any locations outside of the midtown atlanta area - the branch network and footprint, particularly around the atlanta metropolitan statistical area was very appealing to us ,
said ameris bank president lawton e. bassett iii .
after this acquisition with hamilton state bank, collectively between the bank and those divisions, we have just over 530 employees in the north georgia footprint .
cheney said in an e - mail to the business journal, “i am proud to be a longtime resident of jacksonville, and even prouder to expand our presence in the market. our executive team recognizes all that jacksonville has to offer — it is a wonderful place to live and work. ameris bank is committed to jacksonville, and we have experienced bankers and lending experts committed to building relationships with business owners and individuals, all looking for a strong and stable financial institution. ”
the executive team moving from the bank’s headquarters in moultrie, georgia. , include ceo ed hortman and president and coo andy cheney, a jacksonville native. other key members of the senior leadership team as well as some local divisions of the bank — some 40 employees in all — will be relocated to the riverplace tower from ameris’ offices on baymeadows way. the bank, which has about 150 workers in jacksonville, will retain that location for support operations, including its customer care center .
our founding father, eugene m. vereen, jr. , envisioned a bank for the future. alongside other board members, they set out to create a new kind of bank based on the principles of high performance solutions, character and community. over 45 years later, ameris bank leaders and employees continue to enrich our legacy by providing advanced products and services, anchored by traditional, home - town values, with the purpose of improving the lives of our customers and supporting the communities we serve. view our history video .
i think we are very operationally aligned as far as our operating models and how we run our organizations - very market - centric, decentralized operating models ,
he said .
ameris bank is ecstatic about being in the cartersville area - having been in that market area as a tourist for a number of years, that area reminds me a lot of our smaller, rural markets that may not have the huge peaks in an economic cycle, and you may not have the lows there in the downturn economic side, but a very steady economic climate .
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our history is rich, developed over the years through our unique growth strategy. beginning with our first acquisition in 1979, we have since acquired 31 financial institutions throughout georgia, alabama, florida and south carolina, with our oldest acquired institution dating back to its founding in 1888 .
american banking company became incorporated in august 1971 and two months later, opened its doors to the public on october 1, 1971 .
american banking company completed its first acquisition: toney brothers bank, doerun, georgia .
american banking company’s holding company was formed, incorporated, and named abc holding company .
during the 1990s, we continued to grow, acquiring 7 more financial institutions .
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cannarella could not say yet whether the bank might open more branches in jacksonville as it grows its presence here .
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the moultrie, georgia - based bank said it had earnings of 70 cents per share. earnings, adjusted for one - time gains and costs, came to 73 cents per share. the bank posted revenue of $ 106 million in the ...
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atlantic coast financial corporation reports first quarter 2018 earnings of $ 0. 09 per diluted share
atlantic coast financial corporation’s fourth quarter 2017 net loss of $ 0. 04 per diluted share included $ 0. 14 in charges related to tax act and pending merger
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it did not have a heavy traffic count, but we' re not downsizing or displacing any of those employees ,
bassett said .
in fact, over the foreseeable future i think you will see us add resources to the cartersville market so that we can better serve our customers there .
bassett said one of the reasons why hamilton state bank was sought as an acquisition was because their style of banking was similar and their business
cultures
are comparable .
hamilton state bank, formed in 2004, acquired bartow county bank in 2011. laura wilbanks, manager of the hamilton state bank at 301 east church st. in cartersville, has worked for all three incarnations of the bank since 1978 .
even though they are a large bank, their foremost process is really keeping that local connection ,
she said .
we, in the last three months, have met their mortgage department, their entire team of seven or eight folks in that office... we' ve had discussions over the business, development and growth in bartow county and i' ve shared some information that they were interested in, just learning all about us so they' ll be familiar with our activities .
one thing i' m really excited about is the lending opportunities ,
she said .
they are very interested in growing our market and they have a very strong growth plan... they are very competitive in today' s banking world and at the same time, they offer something for just about everybody, at every stage of life .
we' re going to compete in the markets where we operate and as market conditions and the interest rate environment continues to evolve, we will also continue to evolve our rates ,
he said .
as dynamics do move throughout the economic cycle, we will move with those .
wilbanks said she believes customers will be very satisfied with the bank' s post - merger services .
the faces that you deal with are not going to change ,
she said .
but the convenience of banking here is going to greatly improve .
no layoffs are expected in the wake of the merger, bassett said. nor did he say there were plans for any major organizational or managerial changes at the local banks in the lead up to this fall' s conversion .
as we continue to expand our staff there, you will see us be more visible in the community ,
he said .
we look forward to being a great business partner there .
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“just altogether, the success in jacksonville between the executive team moving here in our new, sort of, executive headquarters (and) the jax bank deal has paid dividends, ” he said .
“the jax bank team hit the ground running and we’re ahead of where we thought we would be on loan growth, ahead of where we thought we would be on retaining the deposits. we’ve achieved all the targets that we hit on operating expense, ” he said .
“we had an outstanding quarter where everything came together from the growth, revenue and expense perspective, ” ceo edwin hortman said in the conference call .
“we still see strong momentum. loan growth is expected to be in the top of the range that we’ve provided, resulting in outstanding revenue growth going forward. expenses are expected to remain muted resulting in continued incremental improvement in our efficiency level, ” he said .
everbank last week confirmed it is in advanced negotiations with an unnamed potential buyer. it is not known what that would mean to its jacksonville headquarters operations .
another banking company that definitely is headquartered in jacksonville, atlantic coast financial corp. , reported a strong second quarter with earnings of 9 cents a share, up from adjusted earnings of 2 cents in the second quarter of 2015 .
the company in june said it is transforming its atlantic coast bank from a savings bank charter to a commercial bank charter, and it is already positioning its operations for the change .
“continued efforts to manage our balance sheet, with an increased focus on commercial lending, have resulted in greater diversification of our loan portfolio and reduced exposure to 30 - year fixed - rate loans, ” chief financial officer tracy keegan said in a news release .
traditionally, savings banks focus more on long - term mortgage loans than on commercial loans .
the one analyst who follows atlantic coast financial, bob ramsey of fbr & co. , agrees with that strategy .
“we like that acfc continues to make its balance sheet more commercial in nature, especially the evidence that it is able to generate good net growth at the same time it shifts its mix, ” ramsey said in a research note after the earnings report .
“we continue to favor acfc’s strong growth in attractive markets and scarcity value as one of the few community banks remaining in northern florida, ” he said .
of course, that scarcity could make atlantic coast financial an acquisition target but for now, it is one of the few remaining jacksonville - headquartered banks .
as a company that generates nearly a quarter of its revenue overseas, fidelity national information services inc. (fis) may be the jacksonville - based company facing the biggest impact from the united kingdom’s vote to leave the european union .
however, during fis’ quarterly conference call last week, ceo gary norcross offered an optimistic take on brexit .
“brexit is obviously creating some uncertainty in the market. at this time, we have not seen any impact to our current relationships. while this will continue to unfold over the next several years, change typically creates opportunity for fis, ” norcross said .
fis, which provides technology services for banks, reported adjusted earnings of 90 cents a share in the second quarter, up from 74 cents last year and 3 cents higher than the average analysts’ forecast, according to thomson .
“these results build on the positive momentum established in q1 and characterized the first half of the year with strong, profitable growth delivering outstanding shareholder returns. our outlook for the remainder of the year remains positive, ” norcross said .
fis increased its earnings forecast for the full year from a range of $ 3. 70 to $ 3. 80 to a range of $ 3. 75 to $ 3. 85 a share .
norcross also said fis remains ahead of schedule with the integration of sungard data services inc. , which it acquired in december .
“fis has a proven track record of meeting or exceeding our synergy targets and based on our progress to date and proven integration processes, this trend will continue, ” he said .
patriot transportation holding inc. last week reported earnings of 42 cents a share for its third quarter ended june 30, up from 31 cents a share the previous year .
revenue rose slightly to $ 31. 3 million but excluding revenue from fuel surcharges, revenue was up 5. 5 percent .
lower fuel prices have reduced surcharges passed on to customers by the jacksonville - based trucking company .
patriot’s earnings were also affected by higher compensation and benefit costs as it deals with challenges of hiring and training drivers .
“while we’re pleased to see our results from this year’s third quarter improve, we still have significant work to do to get our operating margins to what we consider an acceptable level, ” ceo tom baker said in patriot’s conference call .
baker said patriot’s debt - free balance sheet allows the company to look at potential acquisition opportunities to grow the business .
“while the market remains very competitive, we feel we’re in a good position to grow and prosper, ” he said .
patriot also said in a securities and exchange commission filing that charles hyman, president and founder of investment firm charles d. hyman & co. , was added to its board of directors .
the company needed to add an independent director to comply with nasdaq rules requiring listed companies to have a majority of independent directors on the board .
as we all dread the onslaught of political ads on television in the coming months, tegna inc. is looking at it with dollar signs in its eyes .
tegna is the media company, formerly known as gannett, which operates 46 television stations, including wtlv tv - 12 and wjxx tv - 25 in jacksonville. it expects to profit from the upcoming political season .
“we’re in states that matter most, including ohio, florida, virginia, north carolina, colorado and michigan. and given the close polling, we know hillary (clinton) will have a growing war chest coming out of this week’s convention, ” tegna media president david lougee said during the company’s quarterly conference call last week .
lougee said the “so - called trump factor” will also help tegna’s stations, as republican donors who may be reluctant to fund donald trump put their money into congressional races .
“we have contested senate races in ohio, florida, missouri, north carolina and arizona, and the trump factor may widen the playing field further and open up other races, ” he said .
“the bottom - line, spending for all races is now beginning and accelerating fast, as expected. ”
tegna is also anticipating a revenue bump for its nbc affiliates, including wtlv, from the upcoming summer olympics .
the company projects third - quarter revenue in its television station division to rise by 20 percent to 25 percent, after a 10 percent rise in the second quarter .
tegna reported adjusted second - quarter earnings of 50 cents a share, up from 30 cents in the second quarter of 2015 .
continuing an ongoing trend over the last couple of years as deutsche bank expands its jacksonville operations, the company’s top officials in germany last week talked about more possible job cuts .
the global banking company reported second - quarter earnings of just 20 million euros (about $ 22 million), down from 818 million euros last year .
the sharp decline was due in part to restructuring and severance costs as the company cut 3, 000 positions in germany .
the company last fall said it was considering a plan to eventually cut 29, 000 of its 100, 000 worldwide work force .
“we have continued to de - risk our balance sheet, to invest in our processes and to modernize our infrastructure. however, if the current weak economic environment persists, we will need to be yet more ambitious in the timing and intensity of our restructuring, ” cryan said in the company’s earnings news release .
deutsche bank opened its jacksonville operations center in 2008 where it employs about 1, 800 people, with plans to add 350 jobs in the next year .
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abcb' s i. quarter q / q eps from cont. operations comment
achieved in the i. quarter 2018 above company average sequential eps from cont. operations jump of
year on year, if the fiscal year would end at mar 31 2018 .
other companies have achieved higher trailing twelve month eps from cont. operations growth. while eps from cont. operations growth total ranking has deteriorated compare to previous quarter from
abcb' s eps from cont. operations growth ratio versus regional banks industry, financial sector and total market
companies with similar eps from cont. operations jump for the quarter ending mar 31 2018 within financial sector
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check the appropriate box below if the form 8 - k filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see general instruction a. 2. below) :
written communications pursuant to rule 425 under the securities act (17 cfr 230. 425 )
soliciting material pursuant to rule 14a - 12 under the exchange act (17 cfr 240. 14a - 12 )
pre - commencement communications pursuant to rule 14d - 2 (b) under the exchange act (17 cfr 240. 14d - 2 (b) )
pre - commencement communications pursuant to rule 13e - 4 (c) under the exchange act (17 cfr 240. 13e - 4 (c) )
on december 14, 2005, the company entered into a revolving credit agreement (the credit facility) with suntrust bank providing for borrowings by the company of up to an aggregate principal amount of $ 20, 000, 000. borrowings under the credit facility may be used to finance working capital needs of the company and its subsidiaries, including, without limitation, certain acquisition transactions, and other general corporate purposes. the obligations of the company under the credit facility are secured by a pledge of all of the companys shares of stock in american banking company, a wholly - owned subsidiary of the company, which were pledged pursuant to a security agreement by the company in favor of suntrust bank (the security agreement) .
borrowings under the credit facility will bear interest at libor plus 0. 95% per annum. in addition, the company must pay commitment fees quarterly in arrears on the daily amount of the unused portion of the credit facility at the rate of 0. 10% per annum .
the credit facility will expire on december 31, 2007, at which time all outstanding amounts under the credit facility will become due and payable. the credit facility contains usual and customary covenants for transactions of this type, including, without limitation, covenants limiting other indebtedness, liens and certain asset sales and merger transactions. in addition, the credit facility includes a number of financial covenants relating to the capital, assets and loans of the company and its subsidiaries .
in the event of a default by the company under the credit facility, suntrust bank may terminate the commitments made under the credit facility, declare the amount outstanding, including all accrued interest and unpaid fees, payable immediately, and enforce any and all rights and interests created and existing under the credit facility documents, including, without limitation, all rights of set - off, all rights under the security agreement with respect to the pledge of the companys shares in american banking company and all other rights available under the law. for certain events of default relating to insolvency, bankruptcy or receivership, the commitments are automatically terminated and the amounts outstanding automatically become payable immediately .
a copy of the credit facility is attached hereto as exhibit 10. 1 and is incorporated herein by reference, and a copy of the security agreement is attached hereto as exhibit 10. 2 and is incorporated herein by reference. the foregoing summary does not purport to be complete and is qualified in its entirety by reference to the credit facility and the security agreement .
on december 16, 2005, the company completed its pending merger with first national banc, inc. (first national). first national bank, st. marys, georgia, a wholly - owned subsidiary of first national, simultaneously merged with and into the first bank of brunswick, a wholly - owned subsidiary of the company. the first bank of brunswick will continue to operate the banking locations of first national bank, st. marys, georgia as branches of the first bank of brunswick. first national bank, orange park, florida, also a wholly - owned subsidiary of first national, became a wholly - owned subsidiary of the company upon completion of the merger and will continue its current operations under its existing charter .
the merger was completed pursuant to an agreement and plan of merger dated as of june 30, 2005, as amended by an amendment no. 1 to agreement and plan of merger dated as of october 28, 2005 (as so amended, the merger agreement). pursuant to the terms of the merger agreement, shareholders of first national elected to receive as merger consideration shares of the companys common stock, cash or a combination of stock and cash. as a result of shareholder elections, the company will issue an aggregate of approximately 1, 088, 500 shares of its common stock and pay a total of approximately $ 12, 881, 087 to shareholders of first national. in addition, holders of first national options will be paid an aggregate of approximately $ 610, 300 in cancellation of their options. approximately $ 900, 000 of the consideration payable under the merger agreement will be paid with proceeds from the credit facility.
ameris bancorp is an american financial holding company headquartered in jacksonville , florida . ameris provides retail and commercial banking services to its customers in georgia , alabama , florida , south carolina and tennessee through its wholly owned subsidiary ameris bank . ameris bancorp was incorporated on december 18 , 1980 as abc holding company to act as parent company to american banking company . as of december 31 , 2015 , ameris had approximately $ 5.59 billion in total assets , $ 4.02 billion in total loans , $ 4.88 billion in total deposits and $ 514.8 million in stockholder equity . 
ameris bancorp is an american financial holding company headquartered in jacksonville, florida. ameris provides retail and commercial banking services to its customers in georgia, alabama, florida, south carolina and tennessee through its wholly owned subsidiary ameris bank. ameris bancorp was incorporated on december 18, 1980 as abc holding company to act as parent company to american banking company. as of december 31, 2015, ameris had approximately $ 5.59 billion in total assets, $ 4.02 billion in total loans, $ 4.88 billion in total deposits and $ 514.8 million in stockholder equity.
ameris bancorp is an american financial holding company headquartered in jacksonville, florida. ameris provides retail and commercial banking services to its customers in georgia, alabama, florida, south carolina and tennessee through its wholly owned subsidiary ameris bank. ameris bancorp was incorporated on december 18, 1980 as abc holding company to act as parent company to american banking company. as of december 31, 2015, ameris had approximately $ 5.59 billion in total assets, $ 4.02 billion in total loans, $ 4.88 billion in total deposits and $ 514.8 million in stockholder equity.