Fidelity Bank completes latest acquisition; IT conversion to follow
US-based Fidelity Bank will move its latest acquisition, American Enterprise Bank of Florida, onto its core banking system, Fiserv’s DNA, from FIS’s Horizon.
American Enterprise Bank added $209 million in assets, $147 million in loans and $182 million in deposits to Fidelity Bank. It also brought two branches in Florida.
The bank’s Horizon core banking system – implemented at the bank just a couple of years ago to replace another system from FIS, BancLine – will now be dropped in favour of Fidelity’s core platform, DNA, supplied by FIS’s rival, Fiserv.
Earlier this year, Fidelity has completed the technology conversion of another acquisition, The Bank of Georgia.
“The systems conversion of The Bank of Georgia was completed this quarter [Q1 2016] and we have begun the integration of the American Enterprise Bank,” says Fidelity’s chairman, Jim Miller. “The expected cost saves from these transactions will be aggressively phased in.”
Fidelity Bank was founded in the mid-1970s. It is owned by Atlanta-based Fidelity Southern Corporation. It has $3.8 billion in assets, 1,300 employees and a network of 60+ branches in Atlanta and Florida.