WEST PALM BEACH, Fla., Dec. 22 /PRNewswire-FirstCall/ -- Fidelity
Bankshares, Inc. (Nasdaq: FFFL) the holding company for Fidelity Federal Bank
& Trust, announced today that it has issued $22 million in trust preferred
securities through a special purpose trust subsidiary in a pooled transaction.
These securities will pay a floating rate of 285 basis points above the three-
month LIBOR rate. Approximately $20 million of the proceeds will be invested
in Fidelity Federal Bank & Trust to provide additional capital for the bank's
continuing asset growth and franchise expansion.
The company also announced that as of December 22, 2003, it has reached
$3 billion in assets on a consolidated basis, a major milestone in the
company's 51-year operating history.
Through November 30th, 2003, the bank's deposits have increased by
$536 million, or 28% since December 31, 2002. In addition, the bank's core
deposits now comprise 71% of all deposits, compared to less than 60% of
deposits at December 31, 2002. The bank is now fourth in deposit market share
in Palm Beach County. The bank expects to continue opening about three new
branch offices per year.
The company said it sold $41 million of securities in December, incurring
a pre-tax loss of approximately $2.5 million. The proceeds from these
securities, which had been yielding interest at 1.84%, have been invested in
mortgage-backed securities yielding 4.15%.
Fidelity Bankshares, Inc., through its subsidiary Fidelity Federal Bank &
Trust, operates 41 branch offices and four loan production offices in Palm
Beach, Martin, St. Lucie, Indian River and Broward counties in Florida. 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.
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. Email:
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.
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
CONTACT:
Vince A. Elhilow, Chairman and CEO, or
Richard D. Aldred, Chief Financial Officer, both of Fidelity
Bankshares, Inc., +1-561-803-9900; or Frank Hawkins or Julie
Marshall, both of Hawk Associates, Inc., +1-305-852-2383, for
Fidelity Bankshares, Inc.
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