CHICAGO, Oct. 24 /PRNewswire/ -- Thomas E. Bentel, President and COO of
Fidelity Federal Savings Bank, a subsidiary of Fidelity Bancorp, Inc.
(Nasdaq: FBCI), has announced the appointment of Richard A. Burns to senior
vice president. Burns will be responsible for management of the bank's newly
formed commercial lease finance operation. The bank began this activity to
better manage interest rate risk by making short-term loans on leases with
companies rated "investment grade" or higher. The average anticipated loan
amount will be $250,000 with an average term of 30 months. Fidelity's board
of directors has limited commercial lease finance activity to no more than 10%
of total assets, with first year business projected to be below that level.
Burns has over 15 years experience in the commercial loan and commercial
lease finance areas. He was formerly a Senior Vice President at Liberty
Federal Bank in Hinsdale.
"Rick Burns has proven skills that will be critical to the establishment
of our commercial lease finance operation," said Bentel. "He has an excellent
track record in credit risk management and is known both locally and
nationally in the leasing finance industry. We also plan to capitalize on his
expertise in the expansion of our commercial loan portfolio," he said.
Burns graduated from Northeastern Illinois University with a bachelor's
degree in Business Management and earned an MBA degree in Business
Administration and Finance from Roosevelt University.
Fidelity Federal Savings Bank is a full-service bank serving individuals
and businesses from five offices in Chicago and the suburbs. Established in
1906, Fidelity has total assets of $670 million.
SOURCE Fidelity Bancorp, Inc.
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Company News On-Call:
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CONTACT:
Thomas E. Bentel, President & COO of Fidelity
Bancorp, Inc., +1-773-736-4414
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