Ameris Bancorp, the parent company of Ameris Bank, has completed the previously announced $405.7m acquisition of Hamilton State Bancshares.
The acquisition, which was announced in January, saw the merger of Hamilton’s banking subsidiary Hamilton State Bank with and into the Ameris Bank.
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Under the terms of the acquisition agreement, the total consideration was paid in a combination of 90% stock and 10% cash.
Hamilton’s shareholders received $0.93 in cash and 0.16 shares of the common stock of the Ameris Bancorp for each outstanding share of Hamilton voting and non-voting common stock.
Established in 2004, Hamilton operated 28 banking locations, of which 24 are located within the Atlanta MSA, two in the Gainesville, Georgia MSA and the remaining two in Georgia outside Atlanta MSA.
With branch network across four states, the combined company will have nearly $11.3bn in assets.
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By GlobalDataIncluding the 28 locations of Hamilton State Bank, Ameris Bank had 126 branches in Georgia, Alabama, northern Florida and South Carolina, at the end of the last quarter.
During the announcement of the acquisition, Hamilton chairman, president and CEO Robert Oliver said: “I am excited to have our team join an exceptional institution in Ameris. Like ourselves, Ameris prides itself on being a strong community bank.
“We look forward to being able to serve our customers with the full suite of products and capabilities offered by Ameris.”
