WEST PALM BEACH, Fla., May 23 /PRNewswire-FirstCall/ --
Fidelity Bankshares, Inc. (Nasdaq: FFFL), announced today that it will
begin a stock repurchase program within the next two weeks to acquire up to
1.1 million shares or approximately 7% of the company's outstanding common
stock.
President and CEO Vince Elhilow said the Board of Directors authorized the
repurchase program, which is expected to be completed within the next six
months. Elhilow said the board considers the stock to be an attractive
investment. The repurchases will be used to fund the company's 2002 Stock
Benefit Plan, which was approved by stockholders on May 21, 2002 at the annual
meeting of stockholders, as well as for general corporate purposes.
Elhilow said the repurchases generally would be effected through open
market purchases, although he did not rule out the possibility of unsolicited
negotiated transactions or other types of repurchases.
In addition to the Board of Directors' approval of the stock buy back
program, the company announced that Joseph B. Shearouse, Jr. retired as
chairman of the board following 48 years of service with the company. He was
named chairman emeritus of both Fidelity Bankshares, Inc. and its wholly owned
subsidiary, Fidelity Federal Bank & Trust. Shearouse will continue to serve
as a director of Fidelity Federal Bank & Trust, the company's wholly owned
subsidiary.
In accordance with the company and the bank's long standing succession
plan, Elhilow was appointed chairman of Fidelity Bankshares, Inc. and Fidelity
Federal Bank & Trust.
Fidelity Bankshares, Inc., through Fidelity Federal Bank & Trust, has
assets of $2.35 billion and deposits of $1.74 billion and operates in Florida
through 38 offices in Palm Beach, Martin and St. Lucie counties. 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.
An investment profile on Fidelity Bankshares may be found on the website
http://www.hawkassociates.com/fffl/profile.htm.
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://www.hawkassociates.com/fffl/profile.htm
http://www.hawkassociates.com http://www.fidfed.com
Company News On-Call:
http://www.prnewswire.com/gh/cnoc/comp/281429.html
CONTACT:
President and CEO Vince A. Elhilow or Chief
Financial Officer Richard D. Aldred of Fidelity Bankshares, Inc.,
+1-561-659-9900, or Frank Hawkins or Julie Marshall of Hawk
Associates, Inc., +1-305-852-2383, or e-mail,
info@hawkassociates.com, for Fidelity Bankshares, Inc.
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