Fidelity’s Parent Company to Buy Hancock Savings

The parent company of Fidelity Federal Bank has reached an agreement to purchase Hancock Savings Bank in a $12-million stock deal.

Bank Plus Corp., the parent of Glendale-based Fidelity Federal Bank, said that Hancock’s shareholders will receive about $9 to $9.22 worth of common shares of stock in Bank Plus for every share of Hancock.

Hancock has five branch offices in Los Angeles County with assets of about $202 million.

Fidelity Federal is a savings and loan with assets of $3.3 billion.

The deal is expected to be approved by government regulators by the end of July.