Ameris Bancorp (ABCB) in Moultrie, Ga., has agreed to buy Prosperity Banking Co. in St. Augustine, Fla.
The $2.9 billion asset company said Thursday that it will pay $15.7 million in cash and stock for Prosperity, which has $766 million in assets and 12 branches in northern Florida. Ameris has 57 branches in Georgia, Florida and South Carolina.
Prosperity's shareholders can choose to receive roughly 3.1 shares of Ameris common stock or $41.50 for each share that they own. At least half the total consideration must include stock. The deal is expected to close in the third quarter.
"We are pleased to announce our merger with Prosperity and the meaningful expansion of our Florida franchise," Edwin Hortman Jr., Ameris' chief executive, said in a press release.
Keefe, Bruyette & Woods, a unit of Stifel Financial, and the law firm of Rogers & Hardin advised Ameris. Allen C. Ewing & Co. and the law firm of Smith Mackinnon advised Prosperity.
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