Ameris Bancorp (NasdaqGS:ABCB) entered into a stock purchase agreement to acquire remaining 70% stake in US Premium Finance Holding Company from William J. Villari and The Villari Family Gift Trust for $59.1 million on January 25, 2018. As per terms, Ameris will pay the selling shareholders approximately $8.92 million in cash and issue to 0.83 million unregistered shares of its common stock. In addition, the selling shareholders may receive additional cash payments aggregating up to approximately $5.83 million based on the achievement by Ameris Bank’s premium finance division of certain income targets between January 1, 2018 and June 30, 2019. US Premium Finance Holding Company had net income of $6 million in 2017. William J. Villari will continue to manage the premium finance division as an employee of Ameris Bank. The transaction is subject to execution of employment agreement signed by Ameris and William J. Villari, execution of registration rights agreement and other conditions. The transaction is expected to close on January 31, 2018. The transaction lifts the EPS estimates from 7-8% in January 2018 and internal rate of return well over 20% for Ameris. Marc L. Klyman of Vedder Price P.C. acted as legal advisor to US Premium Finance Holding Company. Jody L. Spencer of Rogers & Hardin LLP acted as legal advisor for Ameris Bancorp. Colonnade Securities LLC represented US Premium Finance Holding Company and seller in the transaction.