Georgia-based Ameris Bancorp, the parent of Ameris Bank, has agreed to acquire Florida-based Atlantic Coast Financial, the parent of Atlantic Coast Bank, in a deal worth about $145m.
Currently, Atlantic Coast has twelve branches, including eight within the Jacksonville, Florida MSA, three in the Waycross, Georgia MSA, and one branch in the Douglas, Georgia MSA.
The combined entity will have around $8.6bn in assets, $6.9bn in loans, $6.6bn in deposits and a branch network spanning across four states.
Ameris president and CEO Edwin Hortman Jr. said: “With a combined $1.5 billion deposits in the Jacksonville MSA, the addition of Atlantic Coast will solidify us as Northeast Florida’s premier community bank.
“Furthermore, we are excited to grow our franchise with an outstanding team and high quality customer base. A natural complement to our existing branch network, Atlantic Coast positions us well for continued success in our markets.”
The deal has been approved by the board of directors of both firms and is expected to be completed by the second quarter of 2018, subject to regulatory and shareholder approvals.