Deal Announcement: May 20, 2015
First Bank (Creve Coeur, MO) has agreed to sell $154 million in deposit relationships and $32
million in loans and other assets located at eight Florida branches to Fidelity Southern
Corporation (NASDAQ: LION; Atlanta, GA)
Deposit Premium: 1.0%
Sandler O'Neill served as financial advisor to First Bank in the this transaction.
This transaction represents Sandler O’Neill’s 57th bank branch transaction since January 1, 2011. During that time
period, Sandler O’Neill has advised on branch transactions totaling 530 branches and $27.5 billion in deposits,
more than any other investment bank. ¹
About the Transaction:
Creve Coeur, MO (May 20, 2015) - First Bank, a Missouri bank (“First Bank”) today announced that the Bank has entered
into a definitive agreement with Fidelity Southern Corporation (“Fidelity”) (NASDAQ: LION), holding company for Fidelity
Bank (the “Bank”), pursuant to which First Bank has agreed to sell, and Fidelity has agreed to purchase, approximately
$154 million in customer deposits, and approximately $32 million in loans and other assets, including all eight branch
offices of First Bank’s Florida banking operation. The Bank is paying a premium of 1.0% with respect to the assumed
deposits. The branches are located in the Bradenton, Palmetto and Longboat Key communities.
Fidelity’s President, Palmer Proctor, said, “We welcome First Bank’s customers and employees to the Fidelity family.
Florida is a very important part of our growth strategy and we look forward to serving the North Port-Sarasota-Bradenton
MSA.”
The consummation of the transaction is subject to customary closing conditions, including receipt of all necessary
regulatory approvals, and is expected to be completed in the third quarter of 2015.
Transaction Summary
Number of Branches
Pro Forma Map
8 Locations
Total Deposits Transferred
$154 million
Deposit Premium
First Bank
Fidelity Southern
1.0%
Loans Sold
$32 million
Seller
First Bank
Seller Headquarters
Creve Coeur, MO
Seller Total Assets
Buyer
$5.96 billion
Fidelity Southern Corp.
Buyer Headquarters
Atlanta, GA
Buyer Total Assets
$3.21 billion
¹Includes all completed and pending branch transactions since
January 1, 2011
Source: SNL Financial, Fidelity Southern Corp. press release
Sandler O’Neill Contacts:
Steve Glassgold
Principal
(212) 466-7758
Reid Brewer
Vice President
(212) 466-8086
New York – Atlanta - Boston - Chicago - San Francisco
Alex Timmons
Analyst
(212) 466-7747