Fidelity Bank to Acquire Affinity Bank for $142.8M

Fidelity Bank will acquire Covington, Georgia-based Affinity Bank in a $142.8 million-asset deal expected to close in the third quarter. The transaction is designed to give Fidelity its first brick-and-mortar presence in Georgia and an entry into the Atlanta market.

The combined institution is expected to have approximately $5.5 billion in assets, $4.6 billion in deposits, and $3.6 billion in loans. Affinity investors will receive $23 in cash for each share. Fidelity CEO Mary Willis said the deal brings together two community-focused organizations, while Affinity CEO Ed Cooney said it enhances Affinity’s capabilities as it expands Georgia presence.

The article notes Affinity previously agreed in May 2024 to be acquired by Atlanta Postal Credit Union, but that tie-up was terminated after discussions with regulators.