Fidelity Southern Corp. agreed to buy about $200 million in deposits and take over five bank branches near Jacksonville and Orlando, the Atlanta-based parent of Fidelity Bank said Thursday.
The branches were part of First Southern Bancorp, which was recently acquired by Davenport, Fla., based CenterState Bank of Florida.
Fidelity Southern said the additional branches will give a boost to its expansion plans in Florida.
“Fidelity intends to opportunistically look for other branches in the corridor from Jacksonville to Tampa,” said Fidelity’s president, Palmer Proctor. Besides the acquisition, he said the bank is opening a lending office in Orlando and new trust and wealth management offices, bringing the bank’s Florida operation to nine branches in Orlando, Jacksonville and St. Johns.
Fidelity Southern said it is paying a 1.5 percent deposit premium in the deal, which is expected to be competed in the third quarter.
About the Author
