Fidelity Southern Corporation, holding company for Fidelity Bank has entered into a definitive agreement with First Bank, pursuant to which the bank has agreed to purchase, and First Bank has agreed to sell, about $154m in customer deposits, about $32m in loans and other assets, including all eight branch offices of First Bank's Florida banking operation.
The Bank is paying a premium of 1.0% with respect to the assumed deposits. The branches are located in the Bradenton, Palmetto and Longboat Key communities.
Fidelity’s President, Palmer Proctor, said, "We welcome First Bank’s customers and employees to the Fidelity family. Florida is a very important part of our growth strategy and we look forward to serving the North Port-Sarasota-Bradenton MSA."
The consummation of the transaction is subject to customary closing conditions, including receipt of all necessary regulatory approvals, and is expected to be completed in the third quarter of 2015.