Fidelity Bank headquartered in Leominster with 10 full-service offices in central Massachusetts, is sharing the benefits it receives from the corporate rate going from 35 percent to 21 percent with its employees, clients, and community. In doing so, Fidelity Bank is leading the way for smaller, local community banks in Central Massachusetts to use tax savings in positive ways.
“We see tax reform as an opportunity to show our deep commitment to our three key constituencies –our valued employees, our community, and our clients,” says Edward F. Manzi, Jr. Chairman and CEO of Fidelity Bank. “It is a great reflection of our LifeDesign promise, which is an unwavering commitment to use our heads and hearts to do the next right thing that helps everyone get where they want to be.”
The decision is consistent with Fidelity Bank’s participation in the global framework, Conscious Capitalism, made up of companies committed to doing the right thing for all of their stakeholders. The bank fulfills this commitment through their LifeDesign approach to doing business.
The local community bank will give all staff below the Vice President level a bonus of $500. Officials have decided to increase the minimum wage at Fidelity Bank to $14.25 per hour with a commitment to reach $15 per hour by 2020. Fidelity Bank is also allocating additional funds to its annual LifeDesign Community Dividend, investing the additional money in specific causes that support their community and the markets in which they operate. Examples include mental and physical health care; affordable housing; children’s education and support; and cultural organizations. Further, the bank’s 2018 plan includes investing in the hiring of new employees, new technology tools and equipment, and several facility projects including new LifeDesign Banking locations in downtown Worcester and Gardner – all to bring the value of the LifeDesign promise more effectively to more current and future clients.