ATLANTA, Dec. 13, 2021 /PRNewswire/ -- Ameris Bancorp
(Nasdaq: ABCB) today announced that its banking subsidiary,
Ameris Bank, has acquired Balboa
Capital Corporation, an online provider of business lending
solutions to small and mid-sized businesses nationwide.
The acquisition of Balboa Capital and its technology accelerates
Ameris Bank's small business and
C&I lending initiatives and increases its presence in the
fast-growing point-of-sale financing market. The addition of Balboa
Capital also diversifies Ameris
Bank's already robust portfolio of nationwide lending
platforms, which includes its premium finance, mortgage banking,
and warehouse lending businesses.
"Balboa Capital has helped tens of thousands of businesses
access growth capital with instant credit decisions and same day
funding," said H. Palmer Proctor
Jr., chief executive officer of Ameris Bancorp. "We look
forward to providing Balboa Capital's lending technology and
bringing a new digital lending option to more of our business
customers. Just as important, Balboa Capital brings more than 30
years of technology expertise to Ameris
Bank led by Patrick Byrne,
its chief executive officer, and Phil
Silva, company president. We are excited to have Pat, Phil
and their team join our organization as we expand our online
lending capabilities."
Ameris Bank expects significant
earnings accretion from the core operating strategy of Balboa
Capital with upside potential from identified operating synergies.
This all-cash transaction results in manageable tangible book value
dilution with a four year earn-back period and enhances Ameris's
efficiency ratio profile.
Balboa Capital, which was founded in 1988 and will remain
headquartered in Costa Mesa,
California, uses proprietary technology to deliver
innovative financing solutions to a diverse group of business
customers nationwide. Balboa Capital's originations are expected to
exceed $415 million during 2021.
"Balboa Capital's highly flexible technology enables
Ameris Bank to provide a streamlined
online experience to business owners with a variety of financing
needs," noted James A. LaHaise,
chief strategy officer of Ameris
Bank. "Balboa Capital's dynamic solution, coupled with its
high-performing team, complement Ameris
Bank's financial strength and culture, enhancing our ability
to help businesses gain financial peace of mind as they grow."
"We look forward to expanding our lending capabilities through
the resources of a larger institution. Additionally, our team of
industry veterans is eager to offer new financial solutions to
Ameris Bank customers," stated
Patrick Byrne, chief executive
officer and founder of Balboa Capital.
For more information, please visit Balboa Capital and
Ameris Bank.
Piper Sandler & Co. and
Covington & Burling LLP are serving as financial and legal
advisor, respectively, to Ameris. Keefe, Bruyette & Woods, Inc.
is acting as financial advisor and Moore & Van Allen PLLC is
serving as legal advisor to Balboa.
About Ameris Bank
Ameris Bancorp is a bank holding company headquartered in
Atlanta, Georgia and the parent of
Ameris Bank, a Georgia state-chartered bank. Ameris Bank currently has 165 branches in
Georgia, Alabama, Florida, North
Carolina and South
Carolina.
About Balboa Capital Corporation
Balboa Capital Corporation is a financial technology company
headquartered in Costa Mesa,
California. Formed in 1988, Balboa offers funding solutions
to small and medium-sized businesses across diverse industry
sectors nationwide.
Forward-Looking Statement
This press release
contains estimates, predictions, opinions, projections and other
"forward-looking statements" as that phrase is defined in the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements include, without limitation, statements relating to the
impact Ameris and Balboa expect the transaction to have on the
combined entity's operations, financial condition, and financial
results. The forward-looking statements also include predictions or
expectations of future business or financial performance as well as
goals and objectives for future operations, financial and business
trends, business prospects, and management's outlook or
expectations for earnings, revenues, expenses, capital levels,
liquidity levels, asset quality or other future financial or
business performance, strategies or expectations. The words
"believe," "intend," "expect," "anticipate," "strategy," "plan,"
"estimate," "approximately," "target," "project," "propose,"
"possible," "potential," "should" and similar expressions, among
others, generally identify forward-looking statements. Such
forward-looking statements are based on various assumptions (many
of which are beyond the control of Ameris and Balboa) and are
subject to risks and uncertainties (which change over time) and
other factors which could cause actual results to differ materially
from those currently anticipated. Such risks and uncertainties
include, but are not limited to, the risk that the businesses of
Ameris and Balboa will not be integrated successfully; the
possibility that the cost savings and any synergies or other
anticipated benefits from the acquisition may not be fully realized
or may take longer to realize than expected; disruption from the
acquisition making it more difficult to maintain relationships with
employees, customers or other parties with whom Ameris or Balboa
have business relationships; legislative and regulatory changes;
changes in U.S. government monetary and fiscal policy; the impact
of the COVID-19 pandemic on the general economy, customers of
Ameris and Balboa and the allowance for loan losses; the benefits
that may be realized by customers from government assistance
programs and regulatory actions related to the COVID-19 pandemic;
and other factors, many of which are beyond the control of Ameris
and Balboa.
We refer you to the "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" sections of Ameris Bancorp's Annual Report on Form 10-K
for the year ended December 31, 2020,
and any updates to those risk factors set forth in Ameris Bancorp's
Reports on Form 10-Q, Current Reports on Form 8-K and other
filings, which have been filed with the Securities and Exchange
Commission (the "SEC") and are available on the SEC's website at
www.sec.gov. All forward-looking statements, expressed or implied,
included herein are expressly qualified in their entirety by the
cautionary statements contained or referred to herein. We caution
readers not to place undue reliance on any such forward-looking
statements, which speak only as of the date on which they were
made.
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SOURCE Ameris Bancorp