Ameris Bancorp redeems all $28 million of remaining TARP preferreds

By Tali Rackner

Norfolk, Va., March 25 - Ameris Bancorp redeemed all $28 million of its remaining preferred stock originally issued under the U.S. Treasury's Troubled Asset Relief Program, according to a press release.

"This final redemption of the TARP preferred stock brings to a close an important strategy for Ameris," president and chief executive officer Edwin W. Hortman, Jr. said in the release.

"As the economic crisis began to unfold, we vigorously increased our capital levels and were in a position to benefit from opportunities during the downturn. This additional, relatively inexpensive equity played a part in our willingness to maintain a growth-oriented strategy through a volatile economic period. It is an important achievement for us to have been able to repay the entire $52 million of funds without issuing common stock or taking on additional borrowings."

The company used excess capital from its bank subsidiary, Ameris Bank, to finance the redemption.

Ameris is a bank based in Moultrie, Ga.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.