Ameris assumes all of Prosperity's trust preferreds, debentures

By Marisa Wong

Madison, Wis., Dec. 23 - Ameris Bancorp assumed all of Prosperity Banking Co.'s trust preferred securities and other debentures after Prosperity merged with and into Ameris, according to an 8-K filing with the Securities and Exchange Commission.

Those trust preferred securities include the following:

• $4.5 million of floating-rate junior subordinated deferrable interest debentures due 2033;

• $5 million of floating-rate junior subordinated deferrable interest notes due 2034;

• $10 million of floating-rate junior subordinated deferrable interest debentures due 2036; and

• $10 million of fixed-to-floating junior subordinated deferrable interest debentures due 2037.

Ameris has also assumed Prosperity's $15 million of subordinated debentures due 2016, which bear interest at Libor plus 175 basis points, currently equal to 2.023%.

In addition, Ameris assumed Prosperity's $5 million of floating-rate junior subordinated debentures due 2016, which bear interest at Libor plus 160 bps, currently equal to 1.873%.

The merger was completed on Monday.

Ameris is a bank holding company based in Moultrie, Ga. It operates Ameris Bank.

© 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.