Fidelity Bank to Acquire Affinity Bank in $142.8M Deal

Merger will expand Fidelity's footprint into Georgia market

Mar. 31, 2026 at 12:52am

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A photorealistic studio still life featuring a stack of polished metal coins, a glass paperweight, and a brass pen, symbolizing the financial aspects of a corporate merger.A merger of two community banks aims to create a stronger regional financial institution with expanded capabilities and geographic reach.Covington Today

Fidelity BancShares (N.C.), Inc., the holding company for The Fidelity Bank, and Affinity Bancshares, Inc., the holding company for Affinity Bank, have signed a definitive merger agreement in which Fidelity Bank will acquire 100% of Affinity's common stock in an all-cash transaction valued at approximately $142.8 million. The deal marks Fidelity's entry into the Georgia market.

Why it matters

The merger will create a combined organization with approximately $5.5 billion in total assets, $4.6 billion in total deposits, and $3.6 billion in loans, expanding Fidelity's footprint and customer base. It also represents further consolidation in the regional banking industry as community banks seek to gain scale and capabilities to better compete.

The details

Under the terms of the agreement, each Affinity shareholder will receive $23.00 per share in cash, subject to adjustment based on Affinity's adjusted stockholders' equity at closing. In addition, Affinity stock options will be cashed out based on the in-the-money value of the options. Following the close of the transaction, Fidelity will operate two branches in Georgia in addition to its existing footprint.

  • The transaction is expected to close in the third quarter of 2026, subject to regulatory approvals, Affinity stockholder approval, and other customary closing conditions.

The players

Fidelity BancShares (N.C.), Inc.

The holding company for The Fidelity Bank, a community bank founded in 1909 and serving customers through branch locations in North Carolina, South Carolina, and Virginia.

Affinity Bancshares, Inc.

The holding company for Affinity Bank, a Georgia-based community bank founded in 1928 and specializing in commercial real estate, construction, dental and medical practices, and indirect auto lending.

Mary Willis

President & CEO of Fidelity Bank.

Ed Cooney

President and Chief Executive Officer of Affinity Bank.

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What they’re saying

“We are incredibly excited to welcome Affinity Bank's customers and employees into the Fidelity Bank family and to expand our presence into Georgia. This partnership brings together two community‑focused organizations that share a strong commitment to relationship‑driven banking and putting people first.”

— Mary Willis, President & CEO of Fidelity Bank

“Fidelity Bank and Affinity Bank share tremendous cultures built over many years of service to our respective customers, employees and communities. Our partnership will enhance Affinity Bank's capabilities and suite of services which will benefit customers as we continue to expand our Georgia presence.”

— Ed Cooney, Chief Executive Officer of Affinity Bank

What’s next

The boards of directors of both Fidelity and Affinity have unanimously approved the transaction, which is expected to close in the third quarter of 2026, subject to regulatory approvals, Affinity stockholder approval, and other customary closing conditions.

The takeaway

This merger represents a strategic move by Fidelity Bank to expand its geographic footprint and customer base, while also demonstrating the ongoing consolidation in the regional banking industry as community banks seek to gain scale and capabilities to better compete.