WEST PALM BEACH, Fla., March 2 /PRNewswire/ -- Fidelity Bankshares, Inc.
(Nasdaq: FFFL) announced today that Fidelity Bankshares MHC, the company's
majority shareholder, is commencing a stock purchase plan to acquire up to
60,000 shares of the company's common stock representing approximately 1% of
the outstanding shares.
Vince A. Elhilow, president and CEO of both Fidelity Bankshares MHC and
the company, said the board of directors has authorized the purchase program,
which is expected to be completed within six months. Elhilow said, "The board
feels our company's stock is an attractive investment, particularly in view of
the current price relative to the earnings per share and book value per share
as well as general market and economic factors."
As of Dec. 31, 1999, the company reported total assets of $1.7 billion and
stockholders' equity of $83.3 million. The company's wholly owned subsidiary,
Fidelity Federal Bank & Trust, operates 33 branches in Palm Beach, Martin and
St. Lucie counties in Florida.
For more information contact President and CEO Vince A. Elhilow or Chief
Financial Officer Richard D. Aldred at (561) 659-9900 or Frank Hawkins or
Julie Marshall, Hawk Associates, Inc. at (305) 852-2383. Email:
info@hawkassociates.com.
Information about Fidelity Bankshares, Inc. can be found on the website
http://www.fidfed.com. Copies of Fidelity Bankshares press releases, SEC filings,
current price quotes, stock charts and other valuable information for
investors may be found on the website: http://www.hawkassociates.com
SOURCE Fidelity Bankshares, Inc.
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Related links:
http//: http://www.fidfed.com
Company News On-Call:
http://www.prnewswire.com/comp/281429.html or fax,
800-758-5804, ext. 281429
CONTACT:
Vince A. Elhilow, President and CEO, or
Richard D. Aldred, Chief Financial Officer, both of Fidelity
Bankshares, 561-659-9900; or Frank Hawkins or Julie Marshall,
both of Hawk Associates, Inc., 305-852-2383, for Fidelity
Bankshares
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