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Agreement and Plan of Merger

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Title:

Agreement and Plan of Merger

Entities:

ABC Bancorp; Powell, Goldstein, Frazer & Murphy LLP

Date:

2006

Size:

Preview shows 45KB of 278KB total

Price:

$78

ID:

#2446246

► Plans ► Agreements ► Agreements & Plans of Merger
► Financial ► Regional Banks
► Services ► Legal

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AGREEMENT AND PLAN OF MERGER

BY AND AMONG

ISLANDS BANCORP

ISLANDS COMMUNITY BANK, N.A.

AMERIS BANCORP

AND

AMERICAN BANKING COMPANY

As of August 15, 2006

TABLE OF CONTENTS


			Page
ARTICLE 1. TERMS OF MERGERS AND CLOSING

	SECTION 1.1	Terms of Company Merger	1
	SECTION 1.2	Terms of Bank Merger	1
	SECTION 1.3	Time and Place of Closing	2
	SECTION 1.4	Effective Time	2

ARTICLE 2. ARTICLES; BY-LAWS; MANAGEMENT

	SECTION 2.1	Company Merger	2
	SECTION 2.2	Bank Merger	2

ARTICLE 3. MANNER OF CONVERTING AND EXCHANGING SHARES IN THE COMPANY MERGER

	SECTION 3.1	Conversion of Shares	3
	SECTION 3.2	Exchange of Shares	6
	SECTION 3.3	Shares Held by Target or Purchaser	6
	SECTION 3.4	Rights of Former Target Shareholders	7
	SECTION 3.5	Treatment of Stock Options	7
	SECTION 3.6	Treatment of Warrants	7

ARTICLE 4. REPRESENTATIONS AND WARRANTIES OF TARGET AND TARGET BANK

	SECTION 4.1	Organization, Standing and Power	8
	SECTION 4.2	Authority; No Breach	9
	SECTION 4.3	Capital Stock	10
	SECTION 4.4	Target Subsidiary	10
	SECTION 4.5	Financial Statements	10
	SECTION 4.6	Absence of Undisclosed Liabilities	11
	SECTION 4.7	Absence of Certain Changes or Events	11
	SECTION 4.8	Tax Matters	11
	SECTION 4.9	Target Allowance for Possible Loan Losses	12
	SECTION 4.10	Assets	13
	SECTION 4.11	Environmental Matters	13
	SECTION 4.12	Compliance with Laws	14
	SECTION 4.13	Labor Relations	16
	SECTION 4.14	Employee Benefit Plans	16
	SECTION 4.15	Material Contracts	18
	SECTION 4.16	Legal Proceedings	19
	SECTION 4.17	Reports	19
	SECTION 4.18	Statements True and Correct	19
	SECTION 4.19	Tax and Regulatory Matters	20


	SECTION 4.20	Intellectual Property	20
	SECTION 4.21	Charter Provisions	21
	SECTION 4.22	State Takeover Laws	21
	SECTION 4.23	Derivatives	21
	SECTION 4.24	Community Reinvestment Act	21
	SECTION 4.25	Privacy of Customer Information	21
	SECTION 4.26	Technology Systems	21
	SECTION 4.27	Opinion of Financial Advisor	22
	SECTION 4.28	Board Recommendation	22

ARTICLE 5. REPRESENTATIONS AND WARRANTIES OF PURCHASER

	SECTION 5.1	Organization, Standing and Power	22
	SECTION 5.2	Authority; No Breach	23
	SECTION 5.3	Capital Stock	23
	SECTION 5.4	Purchaser Subsidiaries	24
	SECTION 5.5	Financial Statements	25
	SECTION 5.6	Absence of Undisclosed Liabilities	25
	SECTION 5.7	Absence of Certain Changes or Events	25
	SECTION 5.8	Tax Matters	26
	SECTION 5.9	Purchaser Allowance for Possible Loan Losses	26
	SECTION 5.10	Assets	26
	SECTION 5.11	Environmental Matters	27
	SECTION 5.12	Compliance with Laws	28
	SECTION 5.13	Labor Relations	29
	SECTION 5.14	Employee Benefit Plans	30
	SECTION 5.15	Legal Proceedings	32
	SECTION 5.16	Reports	32
	SECTION 5.17	Statements True and Correct	32
	SECTION 5.18	Tax and Regulatory Matters	33
	SECTION 5.19	Charter Provisions	33
	SECTION 5.20	Community Reinvestment Act	33

ARTICLE 6. CONDUCT OF BUSINESS PENDING CONSUMMATION

	SECTION 6.1	Affirmative Covenants of Target	33
	SECTION 6.2	Negative Covenants of Target	34
	SECTION 6.3	Affirmative Covenants of Purchaser	36
	SECTION 6.4	Adverse Changes in Condition	36
	SECTION 6.5	Reporting Requirements	36

ARTICLE 7. ADDITIONAL AGREEMENTS

	SECTION 7.1	Registration Statement; Proxy Statement; Shareholder Approval	37
	SECTION 7.2	Listing	37
	SECTION 7.3	Applications	37


SECTION 7.4	Filings with State Offices	37
SECTION 7.5	Agreement as to Efforts to Consummate

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