WEST PALM BEACH, Fla., April 4 /PRNewswire-FirstCall/ -- Fidelity
Bankshares, Inc. (Nasdaq: FFFL), the holding company for Fidelity Federal Bank
& Trust, announced today completion of the acquisition of First Community
Bancorp in an exchange of cash and stock. First Community, headquartered in
Pahokee, Fla., operates First Community Bank of Palm Beach County, a Florida
state-chartered bank. In connection with the merger, First Community Bank of
Palm Beach County merged its five Palm Beach County branches into Fidelity
Federal Bank & Trust, giving Fidelity a total of 47 branches and two loan
offices.
The transaction is valued at approximately $27.1 million. Under the terms
of the agreement, stockholders of First Community are entitled to receive cash
of $14.75 per share and 0.59055 shares of Fidelity common stock for each share
of First Community owned. First Community stock options will be cashed out
for the in-the-money value of such options. Fidelity will pay an aggregate of
approximately $13.0 million in cash and issue approximately 525,000 shares of
its common stock. The transaction is expected to be accretive to earnings in
the first year.
Fidelity Chairman and CEO Vince A. Elhilow, said, "First Community Bancorp
is an outstanding fit with Fidelity. The acquisition adds assets of over
$163 million and deposits of over $146 million along with five banking offices
in Pahokee, Belle Glade, Wellington, Royal Palm Beach, and Loxahatchee. We are
particularly pleased to welcome the fine people who manage and run First
Community Bancorp into our company. We are confident they are going to be a
great asset to us and our stockholders."
Ryan Beck & Co. served as financial advisor to Fidelity Bankshares, Inc.
in the transaction, and Luse Gorman Pomerenk & Schick, P.C. served as legal
advisor. Austin Associates, LLC served as financial advisor to First Community
Bancorp, Inc. in the transaction, and Werner & Blank served as legal advisor.
An investment profile on Fidelity Bankshares may be found on
http://www.hawkassociates.com/fffl/profile.htm .
As of December 31, 2004, Fidelity Bankshares, Inc., through its subsidiary
Fidelity Federal Bank & Trust, has assets of $3.5 billion and deposits of
$2.8 billion.
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) 852-2383, e-mail:
info@hawkassociates.com . Information about Fidelity Bankshares, Inc. can be
found on http://www.fidelityfederal.com . Copies of 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 .
Forward-Looking Statements: When used in this report, the words or phrases
"will likely result," "are expected to," "will continue," "is anticipated,"
"estimate," "project" or similar expressions are intended to identify
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. Such statements are subject to certain risks
and uncertainties, including, among other things, changes in economic
conditions in the company's market area, changes in policies by regulatory
agencies, fluctuations in interest rates, demand for loans in the company's
market area and competition that could cause actual results to differ
materially from historical earnings and those presently anticipated or
projected. The company wishes to caution readers not to place undue reliance
on any such forward-looking statements, which speak only as of the date made.
The company wishes to advise readers that the factors listed above could
affect the company's financial performance and could cause the company's
actual results for future periods to differ materially from any opinions or
statements expressed with respect to future periods in any current statements.
SOURCE Fidelity Bankshares, Inc.
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Related links:
http://www.hawkassociates.com/fffl/profile.htm
http://www.fidelityfederal.com
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., +1-305-852-2383, or
info@hawkassociates.com, for Fidelity Bankshares, Inc.
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