Fidelity BancShares in Fuquay-Varina, N.C., has agreed to buy Affinity Bancshares in Covington, Ga.
The $4.6 billion-asset Fidelity said in a press release that it will pay $142.8 million in cash for the $882 million-asset Affinity. The deal is expected to close in the third quarter.
“The acquisition “brings together two community‑focused organizations that share a strong commitment to relationship‑driven banking and putting people first,” Mary Willis, Fidelity’s president and CEO, said in the release. “We look forward to building on Affinity Bank’s strong local reputation while continuing to serve customers and communities with the same personal attention and care they know and trust.”
Fidelity will gain two branches in Georgia.
Raymond James and Ward and Smith advised Fidelity. Performance Trust Capital Partners and Luse Gorman advised Affinity.