United Fidelity Bank Assumes Deposits and Acquires Assets Of First City Bank of Florida, Ft. Walton Beach, Florida
United Fidelity Bank, fsb (“United”), announced today that it has entered into a purchase and assumption agreement with the Federal Deposit Insurance Corporation (“FDIC”) to assume all deposits and certain other liabilities and to purchase essentially all of the assets of First City Bank of Florida, a full service community bank headquartered in Ft. Walton Beach, Florida. With this acquisition, United’s seventh since May 2014, United Fidelity will now operate a total of 19 banking centers.
“We welcome the customers and employees of First City Bank into the United family,” stated Donald R. Neel, President and CEO of United. “We look forward to bringing the high level of customer service for which we are known, as well as our broad range of products and services, to a market that our Board of Directors has long known as attractive.”
The transaction is expected to be immediately accretive to United Fidelity’s earnings, excluding one-time charges. United acquired approximately $134.7 million in assets, and assumed approximately $131.4 million in total deposits.
First City Bank’s two offices were closed on Friday, October 16 by the Florida Office of Financial Regulation, Division of Financial Institutions, and the FDIC was named Receiver. First City Bank’s Ft. Walton Beach and Destin offices will reopen as United Fidelity Bank, fsb on Saturday, October 17. The lobbies of these locations will remain closed but appointments will be available. The drive-thru will be open during normal business hours. All former First City Bank customers will be able to conduct banking business as usual at those offices, including online banking and ATM services. Clients who have immediate questions may contact the FDIC toll-free at 1-800-517-8236 or visit https://www.fdic.gov to learn more.
United Fidelity Bank, fsb is a wholly-owned subsidiary of Fidelity Federal Bancorp, headquartered in Evansville, Indiana. Upon completion of this transaction, United has assets of approximately $1.3 billion with nine offices in Indiana, three offices in Illinois, two each in Colorado and the US Virgin Islands, and one office in Ft. Myers, Florida. Since its founding over 100 years ago, United has excelled in providing highly personalized community banking services. In addition to traditional community banking activities, United and its subsidiary Village Capital Corporation also work to fulfill the ideals of the thrift charter through the development and financing of various multifamily affordable housing communities.