MOULTRIE, Ga., Dec. 19, 2016 /PRNewswire/ — Ameris Bancorp (Nasdaq: ABCB) (the “Company”) announced that its wholly owned banking subsidiary, Ameris Bank, has entered into a joint venture with US Premium Finance (“USPF”) under which Ameris Bank will be the exclusive provider of credit on USPF’s nationwide platform. USPF, the nation’s sixth largest provider of credit on property and casualty premiums, currently has approximately 1,000 insurance agency customers in 50 states and approximately $400 million in outstanding loans originated and serviced.
Commenting on the opportunity with USPF, Edwin W. Hortman, Jr., the Company’s President and Chief Executive Officer, said, “We are delighted to have the opportunity to join with USPF and its principal, Bill Villari. Our joint venture with USPF will be accretive to our return on assets, return on tangible capital, credit quality, net interest margin and, most importantly, long-term growth rate in earnings per share. Equally as exciting as what this relationship will do for our operating ratios and 2017 earnings per share is the team that we are bringing on board. Mr. Villari is as entrepreneurial as our other successful managers, and his team’s energy and passion for premium finance and profitability will fit in perfectly with our Company’s culture.”
Colonnade Securities LLC served as exclusive financial advisor to USPF.