FUQUAY-VARINA, N.C. & COVINGTON, Ga., August 1 — The Fidelity Bank (“Fidelity Bank”) today announced that it has completed its acquisition of Affinity Bancshares, Inc. (NASDAQ: AFBI) (“Affinity”), and its wholly owned subsidiary, Affinity Bank.
“We are incredibly excited to welcome Affinity Bank’s customers and employees into the Fidelity Bank family and to expand our presence into Georgia,” said Mary Willis, President & CEO of Fidelity Bank. “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.”
Affinity stockholders are entitled to receive $23.00 per share in cash. Based upon Affinity’s recent operating results, there will be no adjustment to the merger consideration based on Affinity’s adjusted stockholders’ equity.
As a result of the transaction, Fidelity has approximately $5.5 billion in total assets, $4.6 billion in total deposits, and $3.6 billion in loans. It operates two branches in Georgia in addition to its 52 North Carolina branches, two South Carolina branches and one Virginia branch.