ABC Bancorp, a multibank holding company in Moultrie, Ga., plans to consolidate its 12 banks under a single charter and adopt a new name. The $1.3 billion-asset company said Wednesday that it has hired a marketing firm to help it create the name, which it plans to unveil next quarter. ABC estimates that the consolidation and rebranding will cost about $1.7 million.
It said it would take an after-tax charge of roughly that amount for the fourth quarter; the charge would lower earnings to 17 cents a share, 48% below analysts' estimates.
The 12 subsidiaries have 37 branches in Georgia, northern Florida, and Alabama. Though ABC plans to maintain local boards and leaderships, it said the single charter and new name would eliminate duplications in back-room operations and streamline marketing efforts.
In July, ABC announced that it had agreed to buy the $255 million-asset First National Banc Inc. of St. Marys, Ga., for $34.8 million. First National is a two-bank holding company, and ABC plans to merge those two banks with the bank created by its charter consolidation when the deal closes next quarter.
