Ameris Bancorp subpoena about USPF 'old news,' says Stephens
Stephens analyst Tyler Stafford noted that Ameris Bancorp filed an 8K yesterday disclosing a subpoena received on November 19 from the SEC and U.S. Attorney's Office requesting documents relating to its 2018 acquisition of USPF and subsequent loan sale to USPF's founder. While an "attention grabbing" headline, Stafford also said he views this suit as "old news," since it has already been discussed in multiple 10Qs and newspaper articles. He believes the subpoena is the SEC's "necessary reaction," sees minimal loss or risk to Ameris and doesn't believe this suit is related to the recent departure of Dennis Zember, Stafford tells investors. He keeps an Overweight rating and $50 price target on Ameris Bancorp shares.