Less than two months after becoming wholly shareholder owned, Fidelity Financial Corp. of Cincinnatisaid this week that it will acquire a thrift of nearly equal size - $229 million- asset Circle Financial Corp. of Sharonville.

Fidelity, 44% of whose stock was issued in 1992 and the rest in March, has about $50 million in equity, for a 20% equity-to-assets ratio. Buying Circle with stock and cash would bring that down to a more reasonable 12.3%, said John R. Reusing, chief executive of $250 million-asset Fidelity.

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