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Press Releases
Ameris Bank, Moultrie, Georgia, Assumes All of the Deposits of Satilla Community Bank, Saint Marys, Georgia

FOR IMMEDIATE RELEASE
May 14, 2010
Media Contact:
David Barr (202) 898-6992
Cell: (703) 622-4790
Email: dbarr@fdic.gov

Satilla Community Bank, Saint Marys, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Ameris Bank, Moultrie, Georgia, to assume all of the deposits of Satilla Community Bank.

The sole branch of Satilla Community Bank will reopen on Monday as a branch of Ameris Bank. Depositors of Satilla Community Bank will automatically become depositors of Ameris Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branch until they receive notice from Ameris Bank that it has completed systems changes to allow other Ameris Bank branches to process their accounts as well.

This evening and over the weekend, depositors of Satilla Community Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of March 31, 2010, Satilla Community Bank had approximately $135.7 million in total assets and $134.0 million in total deposits. Ameris Bank will pay the FDIC a premium of 0.19 percent to assume all of the deposits of Satilla Community Bank. In addition to assuming all of the deposits of the failed bank, Ameris Bank agreed to purchase essentially all of the assets.

The FDIC and Ameris Bank entered into a loss-share transaction on $101.0 million of Satilla Community Bank's assets. Ameris Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today's transaction can call the FDIC toll-free at 1- 800-895-0586. The phone number will be operational this evening until 9:00 p.m., Eastern Daylight Time (EDT); on Saturday from 9:00 a.m. to 6:00 p.m., EDT; on Sunday from noon to 6:00 p.m., EDT; and thereafter from 8:00 a.m. to 8:00 p.m., EDT. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/satillacmntyga.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $31.3 million. Ameris Bank's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to all alternatives. Satilla Community Bank is the 69th FDIC-insured institution to fail in the nation this year, and the eighth in Georgia. The last FDIC-insured institution closed in the state was Unity National Bank, Cartersville, on March 26, 2010.