Moultrie, Ga.-based Ameris Bancorp signed a definitive stock purchase agreement to acquire the remainder of the outstanding shares of U.S. Premium Finance Holding Co.
Ameris Bancorp had acquired a 4.99% stake in U.S. Premium Finance on Jan. 18, 2017, for 128,527 Ameris shares. It plans to acquire the remainder with 944,419 shares and $21.5 million in cash.
The acquisition is scheduled to close in the first quarter.
Ameris expects the deal to create mid-single-digit tangible book value dilution in the first quarter, with an earnback period of 3.5 years from the initial acquisition in 2017.
U.S. Premium Finance is a provider of credit on property and casualty premiums. It has more than 25,000 borrowers and over 1,000 agency relationships through its U.S. operations.
Rogers & Hardin LLP provided legal counsel to Ameris Bancorp; it was Vedder Price PC for U.S. Premium Finance.
