Affinity Bancshares Inc (AFBI) News & EventsAFBINews & EventsAffinity Bancshares Inc

Fidelity Bank Acquires Affinity Bank for Approximately $142.8 Million

Fidelity BancShares and Affinity Bancshares (AFBI) jointly announced the signing of a definitive merger agreement in which Fidelity Bank has agreed to acquire 100% of the common stock of Affinity in an all-cash transaction valued at approximately $142.8M. The transaction marks Fidelity's entry into Georgia. Under the terms of the agreement, each Affinity shareholder will receive $23.00 per share in cash, subject to adjustment based on Affinity's adjusted stockholders' equity at closing. In addition, Affinity stock options will be cashed out based on the in-the-money value of the options. The combined organization will have approximately $5.5 billion in total assets, $4.6 billion in total deposits, and $3.6 billion in loans. Following the close of the transaction, Fidelity will operate two branches in Georgia in addition to its 52 North Carolina branches, two South Carolina branches and one Virginia branch. The boards of directors of both Fidelity and Affinity have unanimously approved the transaction, which is expected to close in the third quarter of 2026, subject to regulatory approvals, Affinity stockholder approval, and other customary closing conditions.

Affinity Bancshares Inc Trading Halted, News Pending

Affinity Bancshares Inc trading halted, news pending

Affinity Bancshares Announces Stock Repurchase Program for 304,524 Shares

Affinity Bancshares announced that its Board of Directors has adopted a stock repurchase program. Under the repurchase program, the company may repurchase up to 304,524 shares of its common stock, or approximately 5% of the current outstanding shares.