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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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October 22, 2014
08:30 EDTABCBAmeris Bancorp reports Q3 EPS 44c, consensus 44c
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