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Stock Market & Financial Investment News

News Breaks
December 7, 2012
18:04 EDTABCBAmeris Bancorp announces restructuring, consolidation plan, sees $12.1M savings
AMERIS BANCORP reported restructuring and consolidation plans which are expected to reduce annual operating expense by approximately $12.1M. The company announced plans to consolidate, close, or sell at least 13 of its 66 branches, as reported at September 30. Collectively, these smaller branches represented 2.9% of the company's total loans and 5.4% of the company's total non-CD deposits, as of September 30. Annualized direct operating expenses associated with these branch facilities total approximately $6.2M. The company expects to complete the consolidation and closure process during 1Q13. In addition to the branch consolidations and closures, the company has been developing and executing efficiency plans for the remaining 53 branches and the corporate support functions. These plans identify opportunities to reduce annual operating expenses by $5.9M. While some of these reductions will be achieved during Q4, the majority of the reductions will occur during 1Q13, concurrent with the branch consolidations and closures. The company expects to record a charge of $2.1M in Q4 for costs associated with these efficiency plans.
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January 29, 2015
08:38 EDTABCBAmeris Bancorp announces private placement of common stock
Ameris Bancorp (ABCB)announced the sale of shares of the company's common stock at a price of $22.50 per share to institutional accredited investors through a private placement. The company has received commitments for the sale of up to 5,320,000 shares and is in the process of closing the issuance, which is expected to be completed by January 30. The company expects to receive net proceeds from the private placement of approximately $114.5M, which it intends to use, in part, to fund the cash consideration for its recently announced acquisitions of Merchants & Southern Banks of Florida, Inc. and eighteen Bank of America (BAC) branches located in North Florida and South Georgia.
08:36 EDTABCBAmeris Bancorp to raise $114.5M in a private placement
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08:35 EDTABCBAmeris Bancorp reports Q4 EPS 39c, consensus 44c
Reports Q4 loan loss provision $888K vs. $1.48M a year ago. Reports Q4 net charge-offs $1.70M vs. $2.68M a year ago.

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