Fidelity Bankshares Inc., the parent of Fidelity Federal Bank & Trust, on Wednesday said it agreed to buy First Community Bancorp Inc. for about $27.1 million in cash and stock to expand in fast-growing Palm Beach County, Florida.
The terms call for First Community shareholders to receive $14.75 plus 0.3937 Fidelity common shares for each of their shares. Fidelity said it will pay about $14 million in cash and issue about 350,000 common shares.
Fidelity Bankshares, based in West Palm Beach, Florida, has about $3.4 billion of assets and 47 branches and loan offices in the Florida counties of Palm Beach, Indian River, Martin and St. Lucie. First Community, based in Pahokee, Florida, has $163 million of assets and five banking offices.
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