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Acquisition | 3 Months Ended
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Mar. 31, 2020
Acquisition [Abstract] |
Acquisition | 9. Acquisition Effective May 1, 2020, the Company completed the acquisition of MNB Corporation (“MNB”) pursuant to the Agreement and Plan of Reorganization, dated December 9, 2019. MNB was the holding company of Merchants Bank of Bangor (“Merchants Bank”) which operated 9 retail community banking offices in Eastern Pennsylvania. Subject to the terms and conditions of the agreement, MNB merged with and into the Company and Merchants Bank merged with and into the Bank. Under the terms of the agreement, MNB shareholders received as consideration 1.039 shares of Fidelity common stock for each share of MNB common stock that they owned as of the closing date. As a result of the merger, the Company issued 1,176,993 shares of its common stock and cash in exchange for fractional shares based upon $43.767, the determined market share price of the Company’s common stock in accordance with the Agreement and Plan of Reorganization. Effective May 1, 2020, in connection with the merger and pursuant to the terms of the Agreement and Plan of Reorganization, Richard M. Hotchkiss, formerly the Chair of the boards of directors of MNB and Merchants Bank, was appointed as a Class C director and HelenBeth Garofalo Vilcek, w as appointed as a Class A d irector of th e Board of Directors of the Company and the Bank. With the combination of the two organizations, the Company, on a consolidated basis, will have approximate total assets of $1.6 billion, total deposi ts of $1.4 billion and total loans of $1.1 billion. For the three months ended March 31, 2020, the Corporation incurred merger-related expenses totaling $273 thousand, primarily consisting of professional fees. The remaining non-recurring costs to facilitate the merger and integrate systems in 2020 are currently estimated to be $1.8 million. The merger transaction will be accounted for using the acquisition method of accounting, and, accordingly, assets acquired, liabilities assumed and consideration exchanged will be recorded at estimated fair values on the acquisition date. Management is in the process of assessing the assets purchased and liabilities assumed in connection with the merger.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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