Lamar Street Investment Partners, LLC and Fidelity Bancshares, Inc., Jointly Announce the Acquisition of Fidelity by Lamar
ADDISON, Texas and WACO, Texas, Dec. 16, 2022 /PRNewswire/ -- Lamar Street Investment Partners, LLC ("Lamar Street") and Fidelity Bancshares, Inc., Waco, Texas ("Fidelity") jointly announced today Lamar Street's anticipated acquisition of Fidelity and its wholly-owned subsidiary, Fidelity Bank of Texas ("Bank"). The acquisition is subject to final shareholder and regulatory approval.
The Bank has been locally owned since the late 1970s when the Strasburger family purchased Robinson State Bank. Robinson State Bank was run as a single location State chartered bank. In the early 1980s, the Strasburger family opened a second bank, Waco State Bank, on the west side of Waco. Both banks operating under the Fidelity Bancshares holding company brand until they merged to form Fidelity Bank of Texas in the early 1990s.The Bank's primary mission has been to serve the banking needs of Waco as well as the surrounding areas. The Strasburger family has been an integral part of the Bank and the Waco community since their purchase in the 1970s.
"We are grateful to find an excellent partner in Fidelity Bank of Texas. This partnership will allow us to continue serving Waco and expand our ability to be part of a vibrant community banking market. We are excited to work with the experienced Fidelity Bank of Texas team," said Robert Strong, founding member of Lamar Street and proposed Chief Executive Officer and Chairman of Fidelity upon consummation of the transaction.
"We are extremely proud to announce the acquisition of Fidelity by Lamar Street," said Gregg Strasburger, Fidelity's Chairman. "This partnership allows Fidelity Bank of Texas to remain local and will continue to be run by people interested in our wonderful community and cherished customers. This partnership allows us to offer our customers enhanced banking products, services, capabilities and technology."
Lamar Street Investment Partners, LLC was formed to serve communities and customers in the Texas community banking industry. Lamar's strategy is to continue to grow and expand within the Waco communities and other North Texas and Central Texas markets. Robert Strong has been leading bank organizations at the CEO level since 1984. He began his career at the Office of the Comptroller of the Currency and has a Bachelor's degree in Finance from the University of Texas at Arlington, is a graduate of the National Commercial Lending School at the University of Oklahoma and the Southwest Graduate School of Banking at Southern Methodist University.
Fidelity Bancshares, Inc. was advised by Commerce Street Capital as the Exclusive Financial Advisor and Beard Kultgen Brophy Bostwick & Dickson, PLLC as the Legal Advisor. Alston and Bird acted as Legal Advisor to Lamar Street Investment Partners, LLC.
Media contact:
Robert F. Strong
Lamar Street Investment Partners, LLC
Co-founder, Chairman & CEO
(214) 533-5330
[email protected]
SOURCE Lamar Street Investment Partners, LLC
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