Atlanta-based Fidelity Southern Corp. said Thursday it will pursue additional failed bank transactions following its first such deal last year.
Fidelity acquired the failed Decatur First Bank in October. Fidelity Chairman Jim Miller said the company plans to bid on additional failed banks in the future, according to an earnings release.
Fidelity said it had net income of $11.4 million in 2011, up 13 percent from full year 2010. For fourth quarter 2011, Fidelity’s net income was $3.8 million, up from $3 million the same quarter in 2010. Revenue for the year grew 14 percent.
Excluding dividends on preferred stock, such as its Troubled Asset Relief Program funds, Fidelity's profit was $8.1 million for 2011 and $3 million for the fourth quarter.
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