US-based Ameris Bancorp has completed its previously announced acquisition of Fidelity Southern.
With the completion, Fidelity Southern’s Fidelity Bank merged into Ameris subsidiary Ameris Bank.
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Before the merger, Fidelity Bank operated 62 branches, of which 46 were located in Georgia and 16 in Florida.
In December last year, Ameris Bancorp signed a definitive agreement to acquire Fidelity Southern for $750.7m.
As per the terms of the agreement, all Fidelity’s shareholders were entitled to receive 0.80 shares of Ameris common stock for each Fidelity common stock.
Five former Fidelity directors also joined to the board of directors of the company and Ameris Bank
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By GlobalDataHowever, Ameris president, CEO and director Dennis Zember Jr. resigned from his positions citing personal reasons.
Accordingly, H. Palmer Proctor, Jr., former Fidelity president and Fidelity Bank CEO has been named as the CEO of the company and Ameris Bank.
The combined bank will hold assets worth $16.4bn, $13.8bn in deposits and total loans of $12.5bn. It will have 176 locations in Georgia, Alabama, Florida and South Carolina, including Fidelity branches.
Proctor said: “As I said when we announced the combination, our two franchises are very similar in culture with complementary, well positioned businesses.
“I look forward to working with my existing and new colleagues to build on what is now one of the strongest banking platforms in the Southeast.”
