WEST PALM BEACH, Fla., Nov. 22 /PRNewswire/ -- Fidelity Bankshares, Inc.
(Nasdaq: FFFL), the holding company for Fidelity Federal Bank & Trust,
announced today that the board of directors of the company's mutual holding
company, Fidelity Bankshares MHC, has approved a plan to convert the mutual
holding company to a capital stock corporation. Fidelity Bankshares MHC owns
3,589,000 shares or approximately 55% of the 6,503,000 shares of the company
that are issued and outstanding. The company owns 100% of the stock of
Fidelity Federal Bank & Trust.
Upon conversion of the mutual holding company, which is subject to
regulatory approval as well as approval of the mutual holding company members
and the company's shareholders, additional shares of common stock of Fidelity
Bankshares, Inc. will be offered for sale. The bank's account holders as of
October 31, 1999 will be accorded the opportunity to purchase shares in a
subscription offering, followed by members of the community, including
existing minority shareholders. If any shares are still available after such
purchases, the remaining shares will be offered to the general investing
public.
It is expected that the regulatory application will be filed in late 2000
and the conversion will be completed during the second quarter of calendar
2001. Luse, Lehman, Gorman, Pomerenk & Schick will act as conversion counsel,
while Ryan, Beck & Co. will serve as marketing agent and RP Financial will act
as advisors.
Vince Elhilow, president of Fidelity Bankshares, Inc., said, "The
additional capital raised in this offering will allow us to continue the
expansion of our services and products throughout our growing franchise area.
This will include being able to offer enhanced commercial business and
consumer banking products and services. The availability of additional shares
also will provide greater liquidity in our stock and make it easier for
customers and members of the community to become shareholders."
Fidelity Federal Bank & Trust has assets of over $1.9 billion and deposits
of over $1.4 billion and operates in Florida through 34 offices in Palm Beach,
Martin and St. Lucie counties. The bank offers traditional home loans and
deposit products, consumer loans, a complete line of commercial business loans
and deposits, trust services and insurance and investment products.
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.
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Related links:
http://www.fidfed.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, Inc., 561-659-9900; or Frank Hawkins or Julie
Marshall, both of Hawk Associates, Inc., 305-852-2383, or e-mail,
info@hawkassociates.com, for Fidelity Bankshares, Inc.
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