Fidelity BancShares (N.C.) and its subsidiary, Fidelity Bank, announced that they have entered into a definitive merger agreement to acquire Affinity Bancshares and its subsidiary, Affinity Bank, in an all-cash transaction valued at approximately $142.8 million.
Under the terms of the agreement, Affinity shareholders will receive $23.00 per share in cash, subject to adjustments based on Affinity’s adjusted stockholders’ equity at closing. Affinity stock options will also be cashed out based on their in-the-money value.
The transaction represents Fidelity Bank’s entry into the Georgia market. Upon completion, the combined organization is expected to have approximately $5.5 billion in total assets, $4.6 billion in deposits, and $3.6 billion in loans. Fidelity will operate two branches in Georgia alongside its existing footprint of 52 branches in North Carolina, two in South Carolina, and one in Virginia.
Both companies’ boards of directors have unanimously approved the merger. The transaction is expected to close in the third quarter of 2026, subject to regulatory approvals, Affinity shareholder approval, and customary closing conditions.
Affinity Bancshares, headquartered in Covington, Georgia, has approximately $882 million in assets and operates two branches, including one in Atlanta. The bank focuses on specialized lending segments such as commercial real estate, construction, healthcare practices, and indirect auto lending.
Support: Advisors on the transaction include Raymond James & Associates and Ward and Smith for Fidelity, and Performance Trust Capital Partners along with Luse Gorman for Affinity.
KEY QUOTES:
“We are incredibly excited to welcome Affinity Bank’s customers and employees into the Fidelity Bank family and to expand our presence into Georgia. This partnership brings together two community-focused organizations that share a strong commitment to relationship-driven banking and putting people first. We look forward to building on Affinity Bank’s strong local reputation while continuing to serve customers and communities with the same personal attention and care they know and trust.”
Mary W. Willis, Chairman, President & CEO, Fidelity Bank
“Fidelity Bank and Affinity Bank share tremendous cultures built over many years of service to our respective customers, employees and communities. Our partnership will enhance Affinity Bank’s capabilities and suite of services which will benefit customers as we continue to expand our Georgia presence.”
Edward J. Cooney, Chief Executive Officer, Affinity Bancshares, Inc.
