Affinity Bancshares will be acquired by Fidelity BancShares (N.C.), Inc. for $23.00 per share in cash, with the final price subject to upward or downward adjustment based on the bank’s adjusted stockholders’ equity at closing.

Halper Sadeh LLC has launched an inquiry into whether the transaction’s terms limit competing offers or breach fiduciary duties. The firm is inviting shareholders to pursue increased consideration, additional disclosures or other relief on a contingent fee basis with no upfront costs.