Company Description

FB Bancorp, a newly formed Maryland corporation, is offering for sale shares of its common stock in connection with the conversion of Fidelity Bank from a mutual savings bank (meaning it has no stockholders) to a stock savings bank. Upon completion of the conversion and stock offering, FB Bancorp will be 100% owned by its stockholders and Fidelity Bank will be 100% owned by FB Bancorp. FB Bancorp was incorporated on February 29, 2024, and has not engaged in any business to date. Upon completion of the conversion and stock offering, FB Bancorp will register as a bank holding company and will be subject to comprehensive regulation and examination by the Board of Governors of the Federal Reserve System, referred to as the “Federal Reserve Board” throughout this prospectus. --- Originally chartered in 1908 under the name “The Fidelity Homestead Association,” Fidelity Bank is a Louisiana-chartered mutual savings bank headquartered in New Orleans, Louisiana, with 18 full-service branches, two drive-up branches and 14 stand-alone ATMs located in southern Louisiana. We conduct our operations from our main office in New Orleans, Louisiana. In January 2014, Fidelity Bank acquired the net assets of NOLA Lending Group, referred to as “NOLA” throughout this prospectus, and established NOLA as a fully-owned division of Fidelity Bank. NOLA currently operates 14 loan production offices and originates all of our residential mortgages, primarily for resale, in southern Louisiana, the Florida panhandle and Mississippi. We consider our primary market areas for deposit gathering and origination of loans held for investment to be southern Louisiana and for origination of loans held for sale to be southern Louisiana, the Florida panhandle and Mississippi. Our business consists primarily of taking deposits from the general public and investing those deposits, together with funds generated from operations, in one- to four-family residential mortgage loans secured by properties located in our primary market areas. We also originate residential construction loans, commercial real estate loans (which includes commercial mortgage, commercial construction and land development loans), commercial loans (which includes commercial and industrial, small business and other commercial loans not secured by real estate), home equity loans and lines of credit, and consumer loans. In recent years, we have increased, at a managed pace and consistent with what we believe to be conservative underwriting standards, our originations of higher yielding commercial real estate loans. We intend to continue that focus after the conversion and stock offering. Our primary revenue source is interest income earned on loans and investments. Non-interest income is also a revenue source. At March 31, 2024, we had total assets of $1.12 billion, total deposits of $772.7 million and total equity of $153.4 million. We had a net loss of $807,000 for the three months ended March 31, 2024 compared to net income of $229,000 for the three months ended March 31, 2023. We had net income of $1.1 million for the year ended December 31, 2023, and net income of $2.1 million for the year ended December 31, 2022. We are subject to comprehensive regulation and examination by the LOFI, our primary state regulator, and the FDIC, our primarily federal regulator. Our main office is located at 353 Carondelet Street, New Orleans, Louisiana 70130, and our telephone number at that address is (504) 569-8640. Our website address is www.bankwithfidelity.com.