Fidelity BancShares to acquire Affinity for $142.8m

Fidelity BancShares has agreed to get each outstanding communal banal of Affinity Bancshares successful an all-cash woody valued astatine astir $142.8m.

This determination volition spot Fidelity found its beingness successful Georgia for the archetypal time.

Shareholders of Affinity volition person $23 per stock successful cash, with the last magnitude taxable to imaginable accommodation based connected Affinity’s adjusted stockholders’ equity astatine closing.

Outstanding Affinity banal options volition beryllium paid retired according to their in-the-money value.

After the merger, the combined entity is expected to person full assets of astir $5.5bn, deposits amounting to $4.6bn, and loans totalling $3.6bn.

The post-merger subdivision web volition see 2 locations successful Georgia, supplementing Fidelity’s 52 branches successful North Carolina, arsenic good arsenic 2 successful South Carolina and 1 successful Virginia.

The boards of some companies person unanimously approved the deal.

Completion is anticipated successful the 3rd 4th of 2026, pending regulatory clearance, a ballot by Affinity shareholders, and different modular closing requirements.

Fidelity Bank president and CEO Mary Willis said: “We are incredibly excited to invited Affinity Bank’s customers and employees into the Fidelity Bank household and to grow our beingness into Georgia.

“This concern brings unneurotic 2 communityfocused organisations that stock a beardown committedness to relationshipdriven banking and putting radical first. We look guardant to gathering connected Affinity Bank’s beardown section estimation portion continuing to service customers and communities with the aforesaid idiosyncratic attraction and attraction they cognize and trust.”

Affinity president and CEO Ed Cooney added: “Fidelity Bank and Affinity Bank stock tremendous cultures built implicit galore years of work to our respective customers, employees and communities. Our concern volition heighten Affinity Bank’s capabilities and suite of services which volition payment customers arsenic we proceed to grow our Georgia presence.”

"Fidelity BancShares to get Affinity for $142.8m " was primitively created and published by Retail Banker International, a GlobalData owned brand.

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