Fidelity Bank has completed its acquisition of Affinity Bancshares and its wholly owned subsidiary, Affinity Bank, expanding the North Carolina-based community bank into Georgia.
Under the transaction, Affinity shareholders are entitled to receive $23 per share in cash. Fidelity said there will be no adjustment to the merger consideration based on Affinity’s adjusted stockholders’ equity and recent operating results.
Following the acquisition, Fidelity Bank has approximately $5.5 billion in total assets, $4.6 billion in deposits and $3.6 billion in loans.
The combined bank operates 57 branches across four states, including 52 locations in North Carolina, two in Georgia, two in South Carolina and one in Virginia.
The acquisition gives Fidelity an immediate presence in Georgia while adding Affinity’s customers, employees and local market relationships to its existing community banking platform.
Founded in 1909 and headquartered in Fuquay-Varina, North Carolina, Fidelity offers personal and business banking services along with mortgage lending, government-guaranteed lending and wealth management products.
Raymond James & Associates served as Fidelity’s financial adviser, while Ward and Smith acted as its legal counsel.
Performance Trust Capital Partners advised Affinity, and Luse Gorman served as the company’s legal adviser.
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 Willis, President and CEO of Fidelity Bank
