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Ameris Bank Acquires Balboa Capital

December 14, 2021, 07:23 AM
Filed Under: Mergers & Acquisitions

Ameris Bancorp announced its banking subsidiary, Ameris Bank, has acquired Balboa Capital Corporation, an online provider of business lending solutions to small and mid-sized businesses nationwide.

The acquisition of Balboa Capital and its technology accelerates Ameris Bank’s small business and C&I lending initiatives and increases its presence in the fast-growing point-of-sale financing market. The addition of Balboa Capital also diversifies Ameris Bank’s already robust portfolio of nationwide lending platforms, which includes its premium finance, mortgage banking and warehouse lending businesses.

“Balboa Capital has helped tens of thousands of businesses access growth capital with instant credit decisions and same day funding,” said H. Palmer Proctor Jr., Chief Executive Officer of Ameris Bancorp. “We look forward to providing Balboa Capital’s lending technology and bringing a new digital lending option to more of our business customers. Just as important, Balboa Capital brings more than 30 years of technology expertise to Ameris Bank led by Patrick Byrne, its Chief Executive Officer, and Phil Silva, company President. We are excited to have Pat, Phil and their team join our organization as we expand our online lending capabilities.”

Ameris Bank expects significant earnings accretion from the core operating strategy of Balboa Capital with upside potential from identified operating synergies. This all-cash transaction results in manageable tangible book value dilution with a four year earn-back period and enhances Ameris’s efficiency ratio profile.

Balboa Capital, which was founded in 1988 and will remain headquartered in Costa Mesa, CA, uses proprietary technology to deliver innovative financing solutions to a diverse group of business customers nationwide. Balboa Capital’s originations are expected to exceed $415 million during 2021.

“Balboa Capital’s highly flexible technology enables Ameris Bank to provide a streamlined online experience to business owners with a variety of financing needs,” said James A. LaHaise, Chief Strategy Officer of Ameris Bank. “Balboa Capital’s dynamic solution, coupled with its high-performing team, complement Ameris Bank’s financial strength and culture, enhancing our ability to help businesses gain financial peace of mind as they grow.”

“We look forward to expanding our lending capabilities through the resources of a larger institution. Additionally, our team of industry veterans is eager to offer new financial solutions to Ameris Bank customers,” said Byrne.

Piper Sandler & Co. and Covington & Burling LLP are serving as financial and legal advisor, respectively, to Ameris. Keefe, Bruyette & Woods, Inc. is acting as financial advisor and Moore & Van Allen PLLC is serving as legal advisor to Balboa.

Ameris Bancorp is a bank holding company headquartered in Atlanta, GA, and the parent of Ameris Bank, a Georgia state-chartered bank. Ameris Bank has 165 branches in Georgia, Alabama, Florida, North Carolina and South Carolina.

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