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FIDELITY SAVINGS BANK ANNOUNCES FORMATION OF HOLDING COMPANY

 PITTSBURGH, Aug. 20 /PRNewswire/ -- Fidelity Savings Bank today announced the completion of the formation of a bank holding company effective Aug. 19, 1993.
 Fidelity Bancorp, Inc. (NASDAQ: FSBI) will provide the bank with greater operating flexibility and allow for diversification of operations and expansion by offering a broader range of financial services. William L. Windisch, president and chief executive officer, stated that, "This restructuring of Fidelity Savings Bank is expected to provide a variety of opportunities and options previously unavailable to us."
 Windisch further stated that, "We want to emphasize that the ownership and local management of Fidelity Savings Bank will not be affected in any manner by this reorganization. All account relationships and business of the savings bank will continue just as before and all accounts will continue to be insured by the FDIC."
 Fidelity's common stock will continue to trade on NASDAQ under the title of "Fidelity Bancorp, Inc." with the new trading symbol of "FSBI." In conjunction with the formation of the holding company, Fidelity has appointed Registrar and Transfer Company (Cranford, N.J.) as stock transfer agent.
 Fidelity Savings Bank is a Pennsylvania-chartered, FDIC-insured savings bank conducting business through nine offices in Allegheny and Butler counties.
 -0- 8/20/93
 /CONTACT: Valerie A. Hagedorn, stockholder relations of Fidelity Savings, 412-931-4300/
 (FSBI)


CO: Fidelity Savings Bank; Fidelity Bancorp, Inc. ST: Pennsylvania IN: FIN SU:

CD-MP -- PG001 -- 4633 08/20/93 09:27 EDT
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Publication:PR Newswire
Date:Aug 20, 1993
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