Ameris Bancorp, the parent company of Ameris Bank, has signed a definitive agreement to acquire Fidelity Southern for $750.7m.
The all-stock transaction involves exchange of each share of Fidelity common stock, including restricted shares, against the right to receive 0.80 shares of Ameris common stock.
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Fidelity Southern acquisition:
Fidelity Southern operates two subsidiaries Fidelity Bank and LionMark Insurance Company. Through the two units, it provides banking, wealth management and credit-related insurance services.
Following the completion of the deal, the combined entity is estimated to have nearly $16.2bn in assets with branches across four US states.
As a part of the agreement, five Fidelity directors will join the Ameris board. This will increase the size of the Ameris board to 14 members.
Fidelity chairman and CEO James Miller, Jr., will become executive chairman of Ameris and Ameris Bank. Fidelity Bank president and CEO H. Palmer Proctor, Jr., will serve as the president and CEO of Ameris Bank.
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By GlobalDataH. Palmer Proctor Jr., said: “The combination of Ameris and Fidelity joins two franchises that are very similar in culture, complementary in terms of our lines of business and well positioned competitively, resulting in a $16 billion asset bank second to none in terms of management strength and financial resources.”
The Fidelity Southern acquisition is expected to close in the second quarter of 2019, subject to regulatory approvals as well as approval of the Ameris and Fidelity shareholders.
Ameris Bank operates 129 branches across Georgia, Alabama, northern Florida and South Carolina.
