NEW ORLEANS — FB Bancorp, Inc., the holding company for Fidelity Bank, has authorized a second stock repurchase program for up to 1,785,375 shares of its common stock, representing approximately 10% of shares currently outstanding.
The announcement comes less than a month after the company completed its initial repurchase program on Jan. 14, under which FB Bancorp bought back 1,983,750 shares — also roughly 10% of shares outstanding at the time — at an average price of $12.725 per share, inclusive of trading costs and commissions.
The rapid move to authorize a second buyback highlights the company’s ongoing capital management strategy as it continues to reposition following its Oct. 2024 conversion from mutual to stock form and subsequent listing on the Nasdaq under the ticker FBLA.
Under the newly approved program, FB Bancorp will buy back shares through regular stock market transactions rather than through a private deal. Some of those purchases may be made under a prearranged trading plan allowed under SEC Rule 10b5-1, which enables companies to repurchase shares according to a preset schedule even during periods when executives might otherwise be restricted from trading.
The repurchases will depend on market conditions, including the company’s stock price and broader economic factors. The authorization allows the company to buy back up to 10% of its outstanding shares, but it is not required to purchase the full amount and can pause or end the program at any time.
FB Bancorp Strategic Repositioning Continues
The back-to-back repurchase programs follow a series of strategic moves aimed at sharpening Fidelity’s focus on core community banking operations.
Most notably, Fidelity recently completed the sale of its mortgage division, NOLA Lending Group, to First Federal Bank, a community-owned financial institution headquartered in Lake City, Florida. The transaction transferred NOLA Lending Group’s assets and operations to First Federal, which plans to continue serving mortgage customers from existing locations across Louisiana, Mississippi and Florida while retaining most of the division’s employees. The NOLA Lending Group brand has been maintained following the transition.
At the time of that sale, Fidelity Bank President and CEO Chris Ferris said the move aligned with the bank’s strategic plan for 2026, which calls for a renewed emphasis on “sound execution of banking” to support shareholder value.
By exiting the capital-intensive mortgage origination business, the bank reduced earnings volatility and freed up capital. The initial 10% share repurchase marked the first significant deployment of that capital following the stock conversion, and the newly authorized program signals a continuation of that approach.
Founded in 1908, Fidelity Bank is a Louisiana state-chartered stock savings bank with more than $1.2 billion in assets. The bank operates its main office and 18 full-service branches across East Baton Rouge, Jefferson, Lafayette, Orleans, St. Tammany and Tangipahoa parishes.
