WEST PALM BEACH, Fla., Nov. 19 /PRNewswire-FirstCall/ -- Fidelity
Bankshares, Inc. (Nasdaq: FFFL), the holding company for Fidelity Federal Bank
& Trust, said today the company has filed a registration statement with the
Securities and Exchange Commission proposing to sell approximately one million
shares of its common stock, subject to a 15% underwriters' over-allotment.
Excluding the over-allotment, this would represent the sale of common stock
equal to approximately 6.6% of the shares currently outstanding.
Fidelity Bankshares Chairman Vince A. Elhilow said, "This offering will
produce an additional infusion of capital which will enable the bank to
continue its franchise expansion. It will also position us to use a future
issue of trust preferred securities, if needed, to further leverage our
stockholders' interests."
Keefe, Bruyette & Woods, Ryan Beck & Co. and Janney, Montgomery and Scott
LLC are assisting the company in the transaction.
The company also announced that its board of directors has approved a
three-for-two split of its common stock, in the form of a stock dividend,
effective for stockholders of record on December 31, 2004.
Concurrently with the stock split, the board set a cash dividend for
stockholders of record on December 31, 2004 at $0.08 per share. Payable on
January 14, 2005, the dividend represents a 20% increase in the company's cash
dividend payments.
Fidelity Bankshares, Inc., through its subsidiary Fidelity Federal Bank &
Trust, has assets of $3.44 billion and deposits of $2.69 billion and operates
in Florida through 43 offices in Palm Beach, Martin and St. Lucie counties.
An investment profile on Fidelity Bankshares may be found on the website
http://www.hawkassociates.com/fffl/profile.htm .
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 the website 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 the website
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.fidelityfederal.com
http://www.hawkassociates.com/fffl/profile.htm
http://www.hawkassociates.com
Company News On-Call:
http://www.prnewswire.com/comp/281429.html
CONTACT:
Vince A. Elhilow, Chairman and CEO, or
Richard D. Aldred, Chief Financial Officer, +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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