First Federal Bank in Lake City, Fla., has agreed to buy the mortgage division of FB Bancorp in New Orleans.
The $4.1 billion-asset First Federal did not disclose how much it will pay the $1.2 billion-asset Fidelity for NOLA Lending Group. The deal is expected to close in the first quarter.
“Our mission is to provide mortgages from a financially stable institution that is a great place to work and bank,” John Medina, First Federal’s president and CEO, said in a press release. “This acquisition underscores our commitment to the residential mortgage sector.”
Alston & Bird advised Fidelity. Bradley Arant Boult Cummings advised First Federal.