[FIDELITY BANKSHARES, INC. LETTERHEAD]

      *NEWS RELEASE*NEWS RELEASE*NEWS RELEASE*NEWS RELEASE*


Release Date:  August 18, 1997     FOR IMMEDIATE RELEASE

Contact:       Vince A. Elhilow, President and Chief Executive Officer
               Richard D. Aldred, Chief Financial Officer
               (407) 659-9900



        FIDELITY BANKSHARES, INC. TO ACQUIRE BANKBOYNTON

WEST PALM BEACH, Fla., August 18 -- Fidelity Bankshares, Inc.
(NASDAQ: FFFL) announced today that it has reached a definitive
agreement to acquire BankBoynton, a Boynton Beach, Florida based
thrift having $57.6 million in assets.  The agreement has been
approved by the boards of directors of both companies and is
subject to the approval of BankBoynton's stockholders and
appropriate regulatory agencies.  The merger is expected to close
during the fourth quarter of 1997.

The agreement to acquire BankBoynton is structured on a purchase
accounting basis and provides that Fidelity Bankshares, Inc. will
acquire all the outstanding common stock of BankBoynton for $9.00
per share, cash.  The total purchase price of approximately $5.6
million is one and one half times BankBoynton's net book value.

Fidelity Bankshares, Inc. operates Fidelity Federal Savings Bank
of Florida, based in West Palm Beach, with assets of $1 billion
and 21 offices in Palm Beach and Martin counties.  As a result of
this acquisition, BankBoynton's three offices will be merged into
Fidelity Federal's existing branch network.

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