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Fidelity Federal Bancorp
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[Letterhead of Fidelity Federal Bancorp]
Dear Shareholder:
As disclosed in our press release of November 22, 1999, the Company's
discussions with Mortgage Finance Acquisition Partners, L.P. ("MFAP"), an
affiliate of Lincolnshire Equity Fund II, have terminated. As you will recall,
the Company and MFAP had been discussing the sale of a number of shares to MFAP
from the Company equal to approximately 51% of the Company's fully diluted
common stock. At the time the 1999 Annual Report was printed, we anticipated
that a definitive agreement regarding the proposed transaction would be signed
in the near future. In connection with the proposed transaction, Messrs. Baugh,
Doerter, and Cordingley had indicated that they would retire from the Board of
Directors. As such, the Letter to Stockholders contained in the 1999 Annual
Report makes certain references to these proposed changes in the Board of
Directors. However, after termination of discussions with MFAP, both Mr. Baugh
and Mr. Cordingley have currently agreed to continue their respective terms as a
director.
Mr. Doerter has continued to express his desire to retire at this time.
Once again, we wish to thank Mr. Doerter for his past contributions over many
years to Fidelity Federal Bancorp and United Fidelity Bank and wish him all the
best in the future.
M. Brian Davis, CEO
