Fidelity BancShares (N.C.), Inc., the holding company for Fidelity Bank, has entered into a definitive agreement to acquire Affinity Bancshares, Inc. and its subsidiary Affinity Bank in an all‑cash transaction valued at approximately $142.8 million. The deal will be financed with $142.8 million in cash and is expected to close in the third quarter of 2026, subject to customary regulatory approvals and shareholder consent.
The acquisition adds Affinity’s $882 million in assets, as reported for the year ended December 31 2025, to Fidelity’s balance sheet. Affinity’s loan portfolio totals $742.7 million, deposits amount to $695.0 million, and stockholders’ equity stands at $127.0 million. The corrected asset figure replaces the previously reported $925 million and aligns with the company’s audited financial statements.
Strategically, the deal expands Fidelity’s footprint into Georgia, adding two branches and a niche portfolio of dental‑practice loans and a virtual FitnessBank platform. Upon completion, the combined entity is projected to hold roughly $5.5 billion in total assets, $4.6 billion in deposits, and $3.6 billion in loans, representing a substantial scale increase for Fidelity.
Mary Willis, President & CEO of Fidelity Bank, said, "We are incredibly excited to welcome Affinity Bank’s customers and employees into the Fidelity Bank family and to expand our presence into Georgia. This partnership brings together two community‑focused organizations that share a strong commitment to relationship‑driven banking and putting people first. We look forward to building on Affinity Bank’s strong local reputation while continuing to serve customers and communities with the same personal attention and care they know and trust." Ed Cooney, Affinity President and Chief Executive Officer, added, "Fidelity Bank and Affinity Bank share tremendous cultures built over many years of service to our respective customers, employees and communities. Our partnership will enhance Affinity Bank’s capabilities and suite of services which will benefit customers as we continue to expand our Georgia presence."
The offer includes $23.00 in cash per Affinity share, with adjustments for equity and stock options, representing a premium to the company’s market price. The transaction is being advised by Raymond James & Associates and Ward & Smith for Fidelity, and by Performance Trust Capital Partners and Luse Gorman for Affinity, and will require regulatory and shareholder approval before closing.
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