MOULTRIE, Ga., Dec. 7, 2012 /PRNewswire/ -- AMERIS
BANCORP (NASDAQ-GS: ABCB) today reported restructuring and
consolidation plans which are expected to reduce annual operating
expense by approximately $12.1
million. "This plan is the result of the ongoing
analysis of our operations by our Board of Directors and our
executive management team. Our mission statement calls for us
to be a high-performing community bank, and the most direct path to
accomplishing our mission in today's environment requires the
changes we have outlined. The plan we have developed is
certainly achievable and within our control. I believe this
plan demonstrates our determination to achieve high-performing
results," said Edwin W. Hortman,
Jr., President and CEO.
(Logo:
http://photos.prnewswire.com/prnh/20051117/CLTH039LOGO)
Consolidation of Banking Facilities
The Company
announced plans to consolidate, close, or sell at least 13 of its
66 branches, as reported at September
30, 2012. Collectively, these smaller branches
represented 2.9% of the Company's total loans and 5.4% of the
Company's total non-CD deposits, as of September 30, 2012. Annualized direct
operating expenses associated with these branch facilities
(primarily personnel and occupancy costs) total approximately
$6.2 million. The Company
expects to complete the consolidation and closure process during
the first quarter of 2013.
Restructuring of Ameris
Bank & Corporate Support Functions:
In
addition to the branch consolidations and closures, the Company has
been actively developing and executing efficiency plans for the
remaining 53 branches and the corporate support functions.
These plans identify opportunities to reduce annual operating
expenses by $5.9 million. While
some of these reductions will be achieved during the fourth quarter
of 2012, the majority of the reductions will occur during the first
quarter of 2013, concurrent with the branch consolidations and
closures.
Fourth Quarter Charge
The Company expects to
record a charge of $2.1 million in
the fourth quarter of 2012 for costs associated with
these efficiency plans. The charge is expected to cover
severance and lease payments, among other items associated with the
plans.
Ameris Bancorp is headquartered in Moultrie, Georgia. At the end of the
most recent quarter the Company had 66 locations in Georgia, Alabama, northern Florida, and South
Carolina.
This news release contains statements that constitute
"forward-looking statements" within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. The words
"believe", "estimate", "expect", "intend", "anticipate" and similar
expressions and variations thereof identify certain of such
forward-looking statements, which speak only as of the dates which
they were made. The Company undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. Readers are
cautioned that any such forward-looking statements are not
guarantees of future performance and involve risks and
uncertainties and that actual results may differ materially from
those indicated in the forward-looking statements as a result of
various factors. Readers are cautioned not to place undue reliance
on these forward-looking statements and are referred to the
Company's periodic filings with the Securities and Exchange
Commission for a summary of certain factors that may impact the
Company's results of operations and financial condition.
SOURCE Ameris Bancorp