WEST PALM BEACH, Fla., Feb. 3 /PRNewswire-FirstCall/ -- Fidelity
Bankshares, Inc. (Nasdaq: FFFL), the holding company for Fidelity Federal Bank
& Trust, announced today the launch of a major expansion into Broward County.
The company has leased more than 13,000 square feet of space in a
21-story, Class A office building in downtown Fort Lauderdale at 200 East
Broward Blvd. The facility, located in the heart of the Fort Lauderdale
financial district, will be renamed the Fidelity Federal Center and will
include a loan production office as well as a full-service banking facility.
The company will occupy the space beginning March 13, 2006.
Chairman and CEO Vince Elhilow said, "We are entering the Broward County
market in a major way. We believe our strong reputation for outstanding
customer service with new and existing customers will serve us well in this
highly competitive market. Our studies have shown that the opportunities for
commercial deposits and business loans are even greater in Broward County than
in Palm Beach County where we have had a strong and growing business for
53 years. Existing loan customers with strong Broward ties have encouraged
this move, telling us they are thrilled they will now be able to expand their
relationship with us.
"This expansion was not originally included in our operations plan for
2006. But we moved quickly when the opportunity arose to obtain this well
positioned facility, which includes three drive-through teller lanes. The
branch will cost approximately $2.4 million annually to operate, but we expect
to break even in about a year. To further increase convenience for our
customers, we will now be seeking additional sites in Broward County," Elhilow
said.
Elhilow continued, "We have been gratified by the success of our two
offices in Northern Broward County, which opened in the last two weeks, and
which have already generated more than $41 million in deposits though
January."
At December 31, 2005, Fidelity Bankshares, Inc., through its subsidiary
Fidelity Federal Bank & Trust, had assets of $4.08 billion and deposits of
$3.54 billion. The company operates in Florida through 50 branches and three
loan production offices in Palm Beach, Martin, Broward, Indian River and St.
Lucie counties.
An investment profile on Fidelity Bankshares may be found on
http://www.hawkassociates.com/fffl/profile.htm .
For more information, contact Chairman and CEO Vince A. Elhilow or Chief
Financial Officer Richard D. Aldred at (561) 803-9900, or Frank Hawkins or
Julie Marshall, Hawk Associates, Inc., at (305) 451-1888, e-mail:
info@hawkassociates.com . Information about Fidelity Bankshares, Inc. can be
found on http://www.fidelityfederal.com . Fidelity Bankshares press releases,
SEC filings, current price quotes, stock charts and other valuable information
for investors may be found on http://www.hawkassociates.com .
SOURCE Fidelity Bankshares, Inc.
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Related links:
http://www.fidelityfederal.com
http://www.hawkassociates.com/fffl/profile.htm
http://www.hawkassociates.com
CONTACT:
Vince A. Elhilow, Chairman and CEO, or
Richard D. Aldred, Chief Financial Officer, both of Fidelity
Bankshares, Inc., +1-561-803-9900; or Frank Hawkins or Julie
Marshall, both of Hawk Associates, Inc., +1-305-451-1888, or
info@hawkassociates.com, for Fidelity Bankshares, Inc.
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