Fidelity to Acquire Affinity in $142.8 Million Deal

Fidelity Bancshares has agreed to acquire Affinity in a $142.8 million deal, expanding its presence in the US banking sector. The acquisition is aimed at enhancing Fidelity’s network of community banks and credit unions, with Affinity’s 26 locations spanning across six states. Affinity’s CEO, Mike Johnson, stated that joining Fidelity would provide his organization with access to improved technology, enhanced operational capabilities, and increased resources for growth. Fidelity aims to leverage the acquisition to expand its offerings in financial services, including banking and investment products, to better serve its customers. The deal is expected to close by mid-2024, pending regulatory approvals.