Ameris Bancorp to Acquire the Remainder of US Premium Finance
Wednesday, January 31st, 2018
Ameris Bancorp, the parent company of Ameris Bank, announced the signing of a definitive stock purchase agreement under which Ameris will acquire the remainder of the outstanding shares of US Premium Finance Holding Company. Since early 2017, the business of USPF has operated as a division of Ameris Bank, the banking subsidiary of Ameris. Ameris has held a minority ownership position in USPF during that time. The acquisition is scheduled to close in the first quarter of 2018.
"When we initially entered in to our partnership with the USPF team, we had high expectations for the quality, profitability and growth of this business," commented Edwin W. Hortman, Jr., Executive Chairman, President and Chief Executive Officer of Ameris. "After working together for the past year, USPF has exceeded expectations on all fronts. We are excited to be able to acquire all of this fantastic business and continue our strong partnership with the team."
USPF is one of the largest providers of credit on property and casualty premiums in the nation. USPF has over 25,000 borrowers and over 1,000 agency relationships through its operations in all 50 states. Fourth quarter average receivables were approximately $501 million, an increase of approximately 17.9% over the portfolio size Ameris originally acquired in early 2017.
Rogers & Hardin LLP provided legal counsel to Ameris and Vedder Price P.C. provided legal counsel to USPF.