United Fidelity Bank Purchases Fayette County Banking Center
United Fidelity Bank, fsb (“United”) announced Friday, May 26, 2017 that it has entered into a purchase and assumption agreement with the Federal Deposit Insurance Corporation (“FDIC”) to assume all deposits and purchase certain assets of Fayette County Bank, a full service community bank headquartered in St. Elmo, IL. With the acquisition, United’s sixth since May 2014, United Fidelity Bank will now operate a total of 18 banking centers.
“We are extremely pleased to have been selected as the winning bidder by the FDIC and we welcome the customers and employees of Fayette County Bank into the United family,” stated Donald R. Neel, President and CEO. “We are excited about the opportunity to bring the high level of customer service for which we are known, as well as our broad range of products and services to the Fayette County market.”
The transaction is expected to be immediately accretive to United Fidelity’s earnings, excluding one-time charges. Based on March 31, 2017 data, United will acquire approximately $27 million in assets, and will assume approximately $34 million in deposits.
The Fayette County Bank was closed Friday, May 26, 2017 by the Illinois Department of Financial and Professional Regulation, Division of Banking, and the FDIC was named Receiver. Fayette County Bank will reopen as United Fidelity Bank, fsb beginning Saturday, May 27, 2017, and all former Fayette County Bank customers will be able to conduct banking business as usual within the banking center, including online banking and ATM services. Customers who have immediate questions may contact the FDIC toll-free at 1-800-930-5172 or visit http://www.fdic.gov to learn more.
Upon completion of this transaction United will have 18 banking centers and approximately $600M in total assets. United serves the following Indiana cities: Evansville, Carmel, Newburgh, Ft. Branch and Mt. Vernon. In addition, United serves Cincinnati, Ohio, Chicago, Illinois, Denver, Colorado, Ft. Myers, Florida and the US Virgin Islands.