CHICAGO, Jan. 28 /PRNewswire-FirstCall/ --
Fidelity Bancorp, Inc. (Nasdaq: FBCI), the parent company of Fidelity Federal
Savings Bank, announced the receipt today of a payment in the amount of
$3.3 million representing the recovery of a previously charged-off asset (at
the rate of 110% of the original amount invested by the company). In the
fourth quarter of the fiscal year ended September 30, 1997, the company
charged-off the full value of a $3.0 million subordinated note investment in
Cole Taylor Financial Group, Inc., a company that later underwent a
reorganization and changed its name to Reliance Acceptance Group, Inc.
"Over the past five years, we actively sought recovery of this investment
and the recovery was considered in the pricing of our transaction with MAF
Bancorp," said Raymond S. Stolarczyk, chairman and chief executive officer.
"We were determined to recoup our full investment, and our persistence has
paid off."
Fidelity Bancorp, Inc. is the holding company for Fidelity Federal Savings
Bank, which provides retail-banking services through five full-service
locations in Chicago, Franklin Park and Schaumburg. Established in 1906 and
headquartered in northwest Chicago, the bank is primarily in the business of
attracting retail deposits from the general public and investing those funds
in mortgages and consumer loans. The bank also provides investments that are
not FDIC insured through its insurance agency and Invest Financial
Corporation. Fidelity's common stock is traded on The Nasdaq Stock Market
under the symbol "FBCI."
SOURCE Fidelity Bancorp, Inc.
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CONTACT:
Raymond S. Stolarczyk, Chairman & CEO, Thomas
E. Bentel, President & COO, or Elizabeth A. Doolan, Sr. V. P. &
CFO, of Fidelity Bancorp, Inc., +1-773-736-4414
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