PENDING MERGER |
12 Months Ended | |
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Dec. 31, 2015 | ||
Business Combinations [Abstract] | ||
PENDING MERGER AND ACQUISITIONS | NOTE 2 – PENDING MERGER On September 30, 2015, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Jacksonville Bancorp, Inc., a Florida corporation (“JAXB”). The Jacksonville Bank is a wholly owned banking subsidiary of JAXB that has eight full-service branches located in Jacksonville and Jacksonville Beach, Duval County, Florida, as well as one virtual branch. Under the terms of the Merger Agreement, JAXB shareholders will receive either 0.5861 shares of Ameris common stock or $16.50 in cash for each share of JAXB common stock or nonvoting common stock they hold, subject to the total consideration being allocated 75% stock and 25% cash. The transaction is expected to close in March 2016 and is subject to customary closing conditions. All required regulatory approvals for the transaction have been received. As of September 30, 2015, JAXB reported assets of $505.3 million, gross loans of $399.5 million and deposits of $433.0 million. The purchase price will be allocated among the net assets of JAXB acquired as appropriate, with the remaining balance being reported as goodwill. |