Atlanta-based Fidelity Bank, a subsidiary of Fidelity Southern Corporation (NASDAQ:LION), has announced that it has entered into a purchase and assumption agreement with the FDIC to take over the assets and deposits of Security Exchange Bank.
As of March 31, 2012, Security Exchange Bank had approximately USD151m in total assets and USD147.9m in total deposits.
Through a purchase and assumption agreement struck with the Federal Deposit Insurance Corporation (FDIC), Fidelity Bank will acquire the assets and deposits held by Security Exchange Bank.
The Jacksonville office also offers mortgage and construction loans, while automobile and SBA loans are available through employees located throughout the Southeast.Country: USASector: Banking/Financial ServicesTarget: Security Exchange BankBuyer: Fidelity Bank, Fidelity Southern Corporation Vendor: Federal Deposit Insurance CorporationType: Corporate acquisitionStatus: Agreed
According to Abdullah Ahmed, economic advisor to the KRG Ministerial Council, the council established a committee to study and prepare a project for the security exchange
. The project was then submitted to the Region's Economic Council, which approved and submitted it to the Iraqi Economic Council for approval-obtained obtained six months ago.
The new ipEnforcer 6000 Managed Security Exchange
features four Gigabit Ethernet interfaces to deliver the industry's highest level of security application integration without impacting network performance.
The cost of the iWay Security Exchange
was not announced.