Evansville, Ind. (May 23, 2014) United Fidelity Bank, fsb, (“United”) announced today that it has entered into a purchase and assumption agreement with the Federal Deposit Insurance Corporation (FDIC) to assume approximately $35M in deposits and other liabilities and purchase approximately $30 million in assets of Columbia Savings Bank, a full service community bank headquartered in Cincinnati, Ohio. With the acquisition, United Fidelity will now operate a total of 7 banking centered in Southwest Indiana and in the Cincinnati areas.
“We are extremely pleased to have been selected by the FDIC in this bidding process. We are looking forward to providing a safe and secure home for Columbia’s deposit and loan clients,” said United Fidelity Bank President and CEO, Don Neel. “We feel privileged to continue the commitment to friendly, personalized service in the Clifton area and adjacent neighborhoods in Cincinnati, and provide highly personalized service that their clients have come to expect.”
The transaction is expected to be immediately accretive to United Fidelity’s earnings, excluding one-time charges.
Columbia’s office was closed on Friday, May 23, 2014, by the State of Ohio Division of Financial Institutions, and the FDIC was named Receiver. Columbia’s office will reopen as United Fidelity Bank, fsb beginning Saturday, May 24, 2014, and all former Columbia customers will be able to conduct banking business as usual within those offices, including internet banking and ATM services. Clients who have immediate questions may contact the FDIC toll-free at 1800-894-2810 or visit http://www.fdic.gov to learn more.
About United Fidelity Bank
United Fidelity Bank, fsb is a wholly-owned subsidiary of Fidelity Federal Bancorp, headquartered in Evansville, Indiana. Following this transaction, United has approximately $225M in assets with six offices in the Evansville area and one in Cincinnati, OH. Since its founding 100 years ago, United has excelled in providing highly personalized community banking services. In addition to traditional community banking activities, United and its subsidiary Village Capital Corporataion also work to fulfill the ideals of the thrift charter through the development and financing of various multifamily affordable housing communities.