Fidelity Bank in Fuquay-Varina, N.C., has agreed to buy a branch from Security Savings Bank.
Fidelity will buy a branch in Liberty, N.C., that will include most of the deposits. The $1.5 billion-asset Fidelity said it plans to consolidate its existing branch in Liberty into the newly acquired location less than a mile away.
"We are pleased to smoothly transition our Liberty customers to Fidelity Bank," Kenneth Mabe, Security Savings' president and chief executive, said in a press release. "It has been our pleasure to serve this community; however, after careful consideration, we believe the sale of this branch is the right thing for our bank at this time."
Security Savings, which is based in Southport, N.C., had more than $19 million in deposits in the branch at June 30, 2011, according to data from the Federal Deposit Insurance Corp. Fidelity's branch in Liberty had $11.6 million in deposits, according to the same FDIC data.
The companies did not disclosed the price of the sale, which is expected to close in the fourth quarter.
