Fidelity Bank, a wholly-owned subsidiary of Fidelity BancShares (N.C.), Inc., and Security Savings Bank, SSB, jointly announced that Fidelity Bank has agreed to purchase the Liberty, Randolph County, North Carolina branch of Security Savings Bank, SSB.
Fidelity Bank will acquire the branch building and will assume most of the associated deposit accounts. Security Savings Bank will retain the majority of loans associated with the branch. Fidelity Bank intends to consolidate its existing Liberty, NC branch at 508 North Greensboro Street into the newly-acquired location at 258 West Swannanoa Avenue, which is less than one mile away.
On the announcement, Mary W. Willis, President and Chief Executive Officer of Fidelity Bank said, “We are delighted to deepen our commitment to the Liberty community. We look forward to welcoming the customers of Security Savings to Fidelity Bank.”
“We are pleased to smoothly transition our Liberty customers to Fidelity Bank,” commented Kenneth Mabe, President and Chief Executive Officer of Security Savings Bank. “It has been our pleasure to serve this community; however, after careful consideration, we believe the sale of this branch is the right thing for our bank at this time.”
The transaction is subject to bank regulatory approvals and other customary closing conditions and is expected to close during the fourth quarter of 2012.
Fidelity Bank is a full-service financial institution with assets of approximately $1.5 billion headquartered in Fuquay-Varina. The Bank owns and operates 66 branches throughout North Carolina and Virginia; was awarded a 5-star (superior) rating by BauerFinancial; and did not accept federal assistance through the Troubled Asset Relief Program. For more information, please visit www.fidelitybanknc.com.