Fidelity Bank, a subsidiary of Fidelity Southern Corp. (LION) said it has entered into a Purchase and Assumption Agreement with the FDIC to purchase substantially all the assets and assume all the deposits of Security Exchange Bank.
As of March 31, 2012, Security Exchange Bank had about $151.0 million in total assets and $147.9 million in total deposits and operated two branch locations in Marietta, Georgia.
Fidelity Bank stated that it assumed both insured and uninsured deposits and both former Security Exchange Bank locations will open as normal on Monday, June 18, at their regular times and Security Exchange Bank customers will continue to be able to conduct banking business, including accessing their money by writing checks and using ATM or debit cards.
All outstanding checks will be processed as usual, and customers can continue using their Security Exchange checks, the company added.
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