Ameris Bancorp, parent company of Ameris Bank, a community bank with locations throughout the southeastern United States, has just closed on a deal to purchase all outstanding shares of M&S Banks of Florida. This entails Ameris acquiring 13 M&S Bank locations spread across North Central Florida with the majority being located in Gainesville. These locations, along with the acquisition of an additional 18 Bank of America branches in North Florida and South Georgia, give Ameris a good presence throughout the Southeast. These acquisitions bring Ameris to a total of 104 locations.
Edwin W. Hortman Jr., President and CEO of Ameris Bancorp, stated that he is excited at the opportunities that this purchase will bring. It allows for a more efficient penetration of the North Florida market by acquiring what he sees as the preeminent community bank in the area. The president and CEO of M&S, Tom Mallini, is also content with the deal. He believes it will allow M&S customers enhanced and more wide-ranging access to certain resources such as e-banking, treasury and cash management services, and mortgage financing services. Ameris is funding the purchase through the sale of 5.3 million shares with estimated proceed of $114.5 million.