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Missouri-based Reliance Bank selling lone branch in Florida to United Fidelity Bank

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Missouri-based Reliance Bank selling lone branch in Florida to United Fidelity Bank

Evansville, Ind.-based United Fidelity Bank FSB agreed to purchase a bankingoffice of Frontenac, Mo.-based RelianceBank, located at 14241 Metro Parkway in Fort Myers, Fla.

"With this sale, we are exiting the Florida market andare able to focus solely on our St. Louis market," Reliance Bank CEORichard Sems said in a March 29 press release.

United Fidelity Bank will acquire all the real property,equipment, and other selected assets associated with the banking office and toassume all deposits and selected loans associated with the office.

The transaction is expected to close during the secondquarter, subject to regulatory approvals and customary closing conditions.

Reliance Bank, a unit of Reliance Bancshares Inc., was advised by DDF Consultingand Roetzel and Andress provided legal counsel. The bank had total consolidatedassets of $1.2 billion at Feb. 29, with 20 banking offices in the St. Louisarea and one in Fort Myers.

United Fidelity Bank was advised by Hovde Group andSmithAmundsen LLC served as legal counsel. The bank had total consolidatedassets of $390.0 million at Feb. 29, and 12 banking offices. The bank is asubsidiary of Fidelity FederalBancorp.