Fidelity BancShares has agreed to acquire all outstanding common stock of Affinity Bancshares in an all-cash deal valued at about $142.8m.
This move will see Fidelity establish its presence in Georgia for the first time.
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Shareholders of Affinity will receive $23 per share in cash, with the final amount subject to potential adjustment based on Affinity’s adjusted stockholders’ equity at closing.
Outstanding Affinity stock options will be paid out according to their in-the-money value.
After the merger, the combined entity is expected to have total assets of roughly $5.5bn, deposits amounting to $4.6bn, and loans totalling $3.6bn.
The post-merger branch network will include two locations in Georgia, supplementing Fidelity’s 52 branches in North Carolina, as well as two in South Carolina and one in Virginia.
The boards of both companies have unanimously approved the deal.
Completion is anticipated in the third quarter of 2026, pending regulatory clearance, a vote by Affinity shareholders, and other standard closing requirements.
Fidelity Bank president and CEO Mary Willis said: “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 communityfocused organisations that share a strong commitment to relationshipdriven 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 president and CEO Ed Cooney added: “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.”
