Banking Stock Alert; Fidelity Bancorp (NASDAQ:FSBI)Leads NASDAQ Top Gainers Following Merger News
New York, NY- July 20, 2012 (Investorideas.com Newswire) Investor Ideas, www.InvestorIdeas.com, a global investor research portal for independent investors, issues a trading alert for investors following banking stocks. Fidelity Bancorp Inc. (NasdaqGM: FSBI) is trading at $21.10, spiking $ 8.32 or 65.10% as of 11:51AM EDT, making it the NASDAQ top percentage gainer in morning trading.
WesBanco, Inc. (NASDAQ:WSBC) and Fidelity Bancorp, Inc. FSBI) jointly announced that they have executed a definitive Agreement and Plan of Merger providing for the merger of Fidelity with and into WesBanco.
The transaction, approved by the directors of both companies, is valued at $70.8 million, based on WesBanco's average common stock price noted above and Fidelity's diluted shares outstanding.
Fidelity Bancorp, Inc. is a bank holding company incorporated under the laws of the State of Pennsylvania and regulated by the Board of Governors of the Federal Reserve System. Fidelity operates a wholly-owned banking subsidiary, Fidelity Bank, PaSB, which provides depository, lending, and other financial services to individuals and businesses in the Pittsburgh, Pennsylvania marketplace. Fidelity Bank, PaSB is a state-chartered savings bank regulated by the State of Pennsylvania and insured by the Federal Deposit Insurance Corporation (FDIC). Fidelity Bank, PaSB operates 13 banking offices.
With a balanced combination of "high-touch" customer service, local management, strong operating controls, and controlled geographic expansion, Fidelity Bank, PaSB has grown into one of Pittsburgh's premier independent financial services organizations.
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