NASHVILLE - First American Corp. said it plans to acquire Fidelity Crossville Corp., parent of First Fidelity Savings Bank in Crossville, Tenn.
First Fidelity is a $47 million-asset savings and loan with one office in Crossville and one under construction in nearby Fairfield Glade.
First American said it has agreed in principle to purchase First Fidelity for $6.5 million, or 10.1 times 1993's annualized earnings. The transaction is expected to increase First American's earnings in the first year and increase its Crossville market share to a pro forma 24%, the company said.
