WEST PALM BEACH, Fla., May 15 /PRNewswire/ -- Vince A. Elhilow, President
and Chief Executive Officer of Fidelity Bankshares, Inc. (Nasdaq: FFFL FFFLD)
the stock holding company for Fidelity Federal Bank and Trust, announced today
that Fidelity Bankshares has completed the mutual-to-stock conversion of its
mutual holding company and the related common stock offering, in which shares
of stock representing the mutual holding company's 55.27% ownership interest
in Fidelity Bankshares were sold to investors. As a result of the
transactions, the mutual holding company no longer exists. Fidelity Bankshares
is now wholly owned by public stockholders.
Fidelity Bankshares issued a total of 15,744,690 shares of common stock in
the transactions. In the offering, 8,695,943 shares were sold for $10.00 per
share to certain customers of Fidelity Federal Bank and Trust, its benefit
plans, including the employee stock ownership plan, and to existing public
stockholders of Fidelity Bankshares, Inc. As part of the conversion, an
additional 7,048,747 shares were issued to the existing stockholders, based on
an exchange ratio of 2.4165 new shares of common stock for each existing
share.
Ryan, Beck & Co., LLC served as advisor and marketing agent with respect
to the stock offering.
With the completion of the transactions, Fidelity Bankshares, Inc. common
stock opened for trading today under the symbol "FFFLD" on the Nasdaq National
Market. Beginning on June 13, 2001, the common stock will begin trading under
the symbol "FFFL" and will continue to trade under that symbol.
Fidelity Bankshares, Inc., through its wholly owned subsidiary, Fidelity
Federal Bank and Trust, has assets of $2.0 billion and deposits of nearly $1.6
billion. It operates 37 offices in Palm Beach, Martin and St. Lucie counties
in Florida. The bank offers traditional banking products as well as trust,
investment and insurance services, a full line of mortgage and commercial
loans and business banking services, including loans and lines of credit.
Based on total assets, Fidelity Bankshares, Inc. is the fifth largest
financial institution holding company headquartered in Florida and is the
largest headquartered in Palm Beach, Martin and St. Lucie counties.
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.
 back to top
Related links:
http://www.fidfed.com
http://www.hawkassociates.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, or
info@hawkassociates.com, for Fidelity Bankshares, Inc.
|
