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Ameris Bank Investor Relations

Mergers & Acquisitions

 

M&A History<< Return to Mergers & Acquisitions
Deal Overview
Buyer: Ameris Bancorp
Actual Acquirer: Ameris Bank
Target: High Trust Bank
Seller: FDIC
Deal Type: Government Assisted
Type of Govt Assisted Transaction: Purchase/ Assumption
Agreement Date7/15/2011
Announcement Date7/15/2011
Date Placed in Conservatorship7/15/2011
Estimated Cost to Reg Agency ($000)89,375
Cost to Reg Agency/ Deposits (%)47.17
Cost to Reg Agency/ Assets (%)46.42
Assets Sold/ Assets (%)92.97
Deal Summary
Moultrie, Ga.-based Ameris Bancorp unit Ameris Bank has agreed to assume certain deposits and to purchase certain assets of Stockbridge, Ga.-based High Trust Bank. High Trust Bank had total core deposits of approximately $57.6 million as of March 31, 2011. High Trust Bank is the 52nd FDIC-insured institution to fail in the nation this year, and the fifteenth in Georgia.
Deal Terms
Description of Consideration
Ameris Bancorp did not pay any premium to the FDIC to assume certain deposits of High Trust Bank. Ameris Bancorp also purchased certain assets of the failed bank at certain discount.
Assets Sold in Resolution ($000)179,000
Deposits Transferred ($000)175,900
Deposits Liquidated ($000)13,574
Premium Paid ($000)0
Deal Financials
Total Assets at Assumption ($000)192,543
Total Deposits at Assumption ($000)189,474
Core Deposits at Assumption ($000)57,591

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