FB Bancorp's Fidelity Bank To Sell NOLA Division Assets To First Federal Bank In Q1 2026 For Net Book Value Plus $1,000 IP Consideration

On December 31, 2025, Fidelity Bank, New Orleans, Louisiana ("Fidelity Bank"), the bank subsidiary of FB Bancorp, Inc. (NASDAQ:FBLA) (the "Company"), entered into an Asset Purchase Agreement (the "Purchase Agreement") with First Federal Bank, Lake City, Florida ("First Federal Bank"), pursuant to which Fidelity Bank agreed to the sale of certain assets of its NOLA division ("NOLA") to First Federal Bank ("Asset Purchase"). Pursuant to the terms of the Purchase Agreement, at the closing of the Asset Purchase, which is anticipated to occur in the first quarter of 2026, First Federal Bank will pay an amount equal to: (a) the net book value (determined in accordance with GAAP) of the owned tangible personal property as of the end of the month immediately preceding the closing date; (b) an amount equal to Fidelity' Banks security deposits, if any, on the real property leases; (c) an amount equal to the prepaid expenses as of the closing date; and (d) an amount equal to $1,000, such amount representing the agreed-upon value of NOLA's intellectual property transferred or assigned by Fidelity Bank to First Federal Bank.