As part of the agreement, the Georgia Department of Banking & Finance declared Montgomery Bank & Trust was closed and the FDIC was appointed as receiver for the financial institution.
The FDIC has disposed certain assets and deposit liabilities of Montgomery Bank & Trust to Ameris Bank for an undisclosed sum.
Under the terms of the deal, the two offices in Ailey and Vidalia will act as Ameris Bank’s branch and will serve customers as usual, while Montgomery Bank & Trust depositors will automatically become depositors of Ameris Bank, and deposits will continue to be insured by the FDIC, the acquirer said.
Ameris Bank president & CEO Edwin Hortman said, "Customers can be confident that their deposits are safe and readily accessible. It is exciting to gain new customers in and near established offices that will further complement our existing presence in these markets."
As a result of the Montgomery Bank & Trust acquisition, Ameris Bank, which is a wholly-owned subsidiary of Ameris Bancorp, will assume nearly $164.4m in total deposits and $12.4m in total assets.
