Atlanta-based Fidelity Southern Corp. on Monday announced an agreement to buy American Enterprise Bankshares Inc. for stock valued at $27 million.
American Enterprise is a Jacksonville banking company that operates two branches with $177 million in deposits.
Fidelity Southern operates 16 Florida branches under the Fidelity Bank name, including five in the Jacksonville metropolitan area, with about $600 million in deposits.
The company also has 48 offices in Georgia.
“We are pleased to join forces with Fidelity to provide enhanced and long-term value to our customers and communities. Our combination with Fidelity will provide greater capital resources and operational scale that will allow us to grow with the robust Jacksonville economy and capture additional market share,” American Enterprise President Bennett Brown said in a news release.
“Our respective banks share a similar culture and approach to community banking, which we believe will provide enhanced opportunities for the combined company to better serve our customers and communities, and provide a rewarding experience for our customers,” Fidelity Chairman Jim Miller said in the news release.