Fidelity Bank Completes Acquisition of Affinity Bancshares at $23/Share
AFBI sits 25% above its 52-week low of $18.35.
Summary
Fidelity Bank has completed its acquisition of Affinity Bancshares and Affinity Bank, closing the deal at $23.00 per share in cash. The completion comes one day ahead of the expected August 1 closing date, as previously disclosed in the July 22 8-K. This follows shareholder approval in early July and receipt of all regulatory approvals by mid-July. With the stock trading near $22.97, the deal price represents a modest premium. The acquisition marks the end of Affinity's independent operations, and shares will likely be delisted shortly.
At the time of this announcement, AFBI was trading at $22.97 on NASDAQ in the Finance sector, with a market capitalization of approximately $140.2M. The 52-week trading range was $18.35 to $23.00. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Reuters.