FFFL Fidelity Bankshares

Fidelity Bankshares, Inc. Distributes Stock and Cash Dividends WEST PALM BEACH, Fla., Jan. 14 /PRNewswire-FirstCall/ -- Effective at the close of business on January 14, 2005, Fidelity Bankshares, Inc. (NASDAQ:FFFL) completes a previously announced three-for-two stock dividend payable on shares of its outstanding common stock. The company's common stock will begin trading on a split-adjusted basis on Tuesday, January 18, 2005. The company also distributed a cash dividend of $0.08 per share on a stock dividend adjusted basis on January 14, 2005. This dividend represents a 20% increase from the previous quarterly dividend. An investment profile on Fidelity Bankshares may be found on http://www.hawkassociates.com/fffl/profile.htm . For more information, contact Chairman and CEO Vince A. Elhilow or Chief Financial Officer Richard D. Aldred at (561) 803-9900, or Frank Hawkins or Julie Marshall, Hawk Associates, Inc., at (305) 852-2383, e-mail: . Information about Fidelity Bankshares, Inc. can be found on http://www.fidelityfederal.com/ . Copies of Fidelity Bankshares press releases, SEC filings, current price quotes, stock charts and other valuable information for investors may be found on http://www.hawkassociates.com/ . Forward-Looking Statements: When used in this report, the words or phrases "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project" or similar expressions are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties, including, among other things, changes in economic conditions in the company's market area, changes in policies by regulatory agencies, fluctuations in interest rates, demand for loans in the company's market area and competition that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. The company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The company wishes to advise readers that the factors listed above could affect the company's financial performance and could cause the company's actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. DATASOURCE: Fidelity Bankshares, Inc. CONTACT: Vince A. Elhilow, Chairman and CEO, or Richard D. Aldred, Chief Financial Officer, both of Fidelity Bankshares, Inc., +1-561-803-9900; or Frank Hawkins or Julie Marshall, both of Hawk Associates, Inc., +1-305-852-2383, or e-mail, , for Fidelity Bankshares Web site: http://www.fidfed.com/

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