Ameris Bancorp, the parent holding company of Ameris Bank, announced that it has priced $120 million of its 4.25% fixed-to-floating rate subordinated notes due 2029 (the "Notes"). The Notes have an initial fixed interest rate of 4.25% until December 15, 2024, payable semi-annually in arrears, and a 10-year term and were offered to the public at par. Commencing December 15, 2024, the interest rate on the Notes resets quarterly to a floating rate per annum equal to a Benchmark rate, which is expected to be the then-current three-month term SOFR plus 294 basis points, payable quarterly in arrears. Sandler O'Neill + Partners, L.P. acted as the sole underwriter for the offering.

The Company expects to close the transaction, subject to customary closing conditions, on or about December 6, 2019. The Company expects to use the net proceeds of this offering to repay certain outstanding indebtedness and the remainder for general corporate purposes.