Fidelity Southern Corp., a holding company for Fidelity Bank, completed the previously announced acquisition of the deposits of eight branches of First Bank.
In connection with the acquisition, Fidelity Bank assumed approximately $154 million in customer deposits at a deposit premium of 1 percent. Additionally, Fidelity Bank acquired approximately $30 million in loans and other assets related to eight branch offices of First Bank’s Florida banking operation. The branches will reopen as Fidelity Bank and the employees of First Bank will be retained as employees of Fidelity Bank.
First Bank has been in Florida since 1992, and the transaction expands its presence in counties surrounding Bradenton, Palmetto and Longboat Key.
“We’re pleased to close this transaction with First Bank and look forward to serving the needs of our newest Florida customers,” Fidelity Southern Corp. President Palmer Proctor said.