SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
December 5, 1997
Fidelity Bankshares, Inc.
(Exact name of registrant as specified in its charter)
Delaware 0-29040 65-0717085
(State or other) (Commission File No.) (I.R.S. Employer)
jurisdiction of Identification No.)
incorporation)
Registrant's telephone number, including area code:
(561) 659-6600
Not Applicable
(Former name or former address, if changed since last report)
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Item 2. Acquisition or Disposition of Assets.
On December 5, 1997, Fidelity Bankshares, Inc. (the
"Registrant") completed its acquisition of BankBoynton, a Federal
Savings Bank ("BankBoynton"). As part of this acquisition,
BankBoynton merged with and into Fidelity Federal Savings Bank of
Florida, the Registrant's wholly-owned subsidiary, and
shareholders of BankBoynton received $9.00 for each share of
BankBoynton Common Stock issued and outstanding. The total
purchase price was approximately $5.6 million.
At December 5, 1997, the assets of BankBoynton totaled
approximately $54.7 million, deposits totaled approximately $41.7
million and stockholders' equity totaled approximately $3.1
million. For further information see Exhibit 99.1.
<PAGE>
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned, hereunto duly authorized.
FIDELITY BANKSHARES, INC.
DATE: December 8, 1997 By: /s/ Richard D. Aldred
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Executive Vice President and
Chief Financial Officer
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[LOGO OF FIDELITY BANKSHARES, INC.]
*NEWS RELEASE*NEWS RELEASE*NEWS RELEASE*NEWS RELEASE*
Release Date: December 8, 1997 FOR IMMEDIATE RELEASE
Contact: Vince A. Elhilow, President and Chief Executive Officer
Richard D. Aldred, Chief Financial Officer
(561) 659-900
FIDELITY BANKSHARES, INC. COMPLETES BANKBOYNTON
ACQUISITION
WEST PALM BEACH, Fla., December 8---Fidelity Bankshares, Inc.
(NASDAQ:FFFL) completed the acquisition of BankBoynton effective
after the close of business on Friday, December 5, 1997.
BankBoynton, A Boynton Beach, Florida based thrift, had $57.6
million in assets and three branches. Two of these branches were
in Boynton Beach, and the third in Lake Worth. These offices
have been relocated to Fidelity Federal Savings Bank of Florida's
Boynton Beach and Lake Worth offices.
Fidelity Bankshares, Inc. operates Fidelity Federal Savings Bank
of Florida, based in West Palm Beach, with assets of $1 billion
through 21 offices in Palm Beach and Martin counties.
