WEST PALM BEACH, Fla., Dec. 20 /PRNewswire/ -- Fidelity Bankshares, Inc.
(Nasdaq: FFFL), the holding company for Fidelity Federal Savings Bank of
Florida, announced today that the bank has completed the previously announced
sale of a property in downtown West Palm Beach for $6.8 million. The sale,
which resulted in a pre-tax gain of approximately $5.5 million ($3.4 million
after tax), will increase the company's net income by approximately $.51 per
share for the quarter ending December 31, 1999.
Vince Elhilow, president of Fidelity Bankshares, said, "Income from this
sale combined with the company's operating income for the year ending
December 31, 1999, will make 1999 the most profitable year in the history of
our company. This also has been the most aggressive year of growth we have
ever undertaken. The bank opened 10 branches this year, and so far, these
offices have originated $79.5 million in new deposits of which 28% are core
deposits. These results are running well ahead of our original projections
for the new offices of $40 million to $50 million in new deposits during this
period."
The company will continue to maintain its headquarters and a major branch
in downtown West Palm Beach. The administrative offices will move to 205
Datura Street in the office building the company purchased from
Barnett/NationsBank in January 1998. The bank's downtown branch at 218 Datura
will remain in its current location.
The purchaser of the property intends to build a mixed-use development
including residential and commercial uses, which should be beneficial to the
bank's downtown branch that is adjacent to the new development.
Fidelity Bankshares, through its wholly owned subsidiary Fidelity Federal
Savings Bank of Florida, has assets of approximately $1.7 billion and operates
in Florida through 32 offices in Palm Beach, Martin, and St. Lucie counties.
The bank offers traditional banking products as well as investment and
insurance services, a full line of mortgage and commercial loans and business
banking services including loans and lines of credit.
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 web site
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 web site: http://www.hawkassociates.com .
SOURCE Fidelity Bankshares, Inc.
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Related links:
http://www.hawkassociates.com
Related links:
http//: 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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