Ameris Bancorp has unveiled its plan to restructure and consolidation its operations, in a bid to boost operational efficiency, while reducing annual operating expense by nearly $12.1m.
Ameris Bancorp president and CEO Edwin Hortman said that the plan is a result of ongoing evaluation of the firm’s operations under the guidance of its board of directors and executive management team.
As part of the plan, the firm may consolidate, shut down, or dispose of at least 13 of its 66 branches.
These branches together represent 2.9% of the company’s total loans and 5.4% of the company’s total non-CD deposits, as of 30 September 2012.
The firm, which incurs annualized direct operating cost of nearly $6.2m, expects that the consolidation and closure will complete during the first quarter of 2013.
Apart from the aforesaid plan, the firm is also likely to overhaul the operations of Ameris Bank & Corporate Support Functions’ 53 branches during the first quarter of 2013, which will help to reduce $5.9m on annual operational expenses.
Georgia headquartered Ameris Bancorp manages operations in Georgia, Alabama, northern Florida, and South Carolina.