Ameris to acquire certain assets of American United Bank

Mon. October 26, 2009; Posted: 12:19 PM

Oct 26, 2009 (Datamonitor via COMTEX) -- ABCB | Quote | Chart | News | PowerRating -- Ameris Bank, a wholly-owned subsidiary of Ameris Bancorp, has entered into a definitive agreement with the Federal Deposit Insurance Corporation to assume all of the deposits and acquire certain assets of American United Bank.

The Georgia Department of Banking and Finance has declared American United Bank as closed and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.

As a result of this acquisition, Ameris Bank will be acquiring the assets and deposits of American United Bank at a discount of $19.64 million and a premium on deposits totaling approximately $286,000.

Ameris Bank will reportedly assume approximately $101 million in total deposits and acquire $83 million in total loans and $3.6 million in other real estate. The loans being purchased are covered by a loss share agreement which affords Ameris Bank significant loss protection for the next five years.

American United Bank depositors will now automatically become depositors of Ameris Bank, and deposits will continue to be insured by the FDIC. With this acquisition, Ameris Bank will now operate 51 locations in Georgia, Florida, Alabama and South Carolina.

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