Mergers & Acquisitions

Return to Mergers & Acquisitions

Deal Overview

Buyer:
Ameris Bancorp
Actual Acquirer:
Ameris Bancorp
Target:
Fidelity Southern Corporation
Deal Type:
Bank & Thrift Company
Agreement Date:
12/17/2018
Announcement Date:
12/17/2018
Announced Deal Value ($ M):
756.83
Status:
Completed
Completion Date:
7/1/2019
Announced Deal Value Per Share ($ )
27.22

Consideration Breakout
Common Stock ($M) 869.3
Common Stock Issued 22,181,520

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 171.7 188.7
Price / Tangible Book (%) 180.7 197.0
Price / Earnings (x) 16.0 22.6
Price / Deposits (%) 18.69 22.07
Price / Assets (%) 15.73 18.35
Tangible Book Premium/ Deposits (%) 8.80 NA
Deal Terms
Description of Consideration

Ameris Bancorp exchanged 0.8 shares of its common stock for each of the outstanding share of Fidelity Southern Corp. Ameris Bancorp also assumed Fidelity Southern Corp.'s Subordinated debentures.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 410,348
Estimated Cost Savings (%) 40.00
Estimated Cost Savings ($ 000) 88,895
Est. Restructuring Charges ($ 000) 47,500
Maximum Termination Fee ($ 000) 29,000
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.800000
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 50,610
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Stephens Inc.
Seller Yes Sandler O'Neill & Partners LP
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Rogers & Hardin LLP
Seller Yes Wachtell Lipton Rosen & Katz