A Jacksonville community bank is no more after the closing of a merger with an Atlanta Bank.
American Enterprise Bank of Florida has been subsumed into Atlanta-based Fidelity Southern Corp., the conclusion of a $27 million deal.
Fidelity Southern has been focusing on expanding in Florida for a while, making other Sunshine State acquisitions in 2014 and 2015.
With the American Enterprise deal, Fidelity Southern picked up about $177 million in deposits.
Community banks have been squeezed for the past several years. New regulations that require banks to keep more money in reserve has made it harder for smaller operators.
Fidelity Southern now has about 40 locations and $3.8 billion in assets.
