Dearborn Bancorp Inc. in Michigan announced plans to purchase the $248 million-asset Fidelity Financial Corp. of Michigan for $70 million.
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The deal, announced late Thursday, is expected to close in the first quarter.
Buying Fidelity Financial, of Birmingham, would significantly increase Dearborn's operations in Oakland County, one of the nation's most affluent counties. All seven of Fidelity Financial's branches are in the county, and Dearborn's branch total would rise to 20, including eight in the county.
Dearborn's assets would rise to more than $1 billion, and its deposits would rise to $850 million.
