Fidelity BancShares in North Carolina is expanding to Georgia by acquiring Covington-based Affinity Bancshares for $142.8 million. .The deal is expected to close in the third quarter of this year. Fidelity BancShares is the parent company of Fuquay Varina, N.C.-based The Fidelity Bank. Affinity Bancshares is the parent company of Affinity Bank. As of late January, The Fidelity Bank has $4.3 billion in assets, $3.9 billion in deposits and 55 branches. Affinity Bank had $881 million in assets, $703 million in deposits and two branches. The combined company is expected to have $5.5 billion in assets, $4.6 billion in deposits and $3.6 billion in loans. Fidelity plans to operate the two branches in Georgia alongside its existing footprint of 52 branches in North Carolina, two in South Carolina and one in Virginia.Fidelity Bank President and CEO Mary Willis said the transaction will allow the company to build on Affinity’s local presence while expanding its customer base. Affinity Bank President and CEO Ed Cooney said the merger will broaden services and capabilities for customers in Georgia.St. Petersburg, Fla.-based Raymond James & Associates was financial advisor to Fidelity, with Raleigh, N.C.-based Ward and Smith as legal counsel. Chicago-based Performance Trust Capital Partners advised Affinity, with Luse Gorman, Washington, D.C., as legal counsel.
