Fidelity Bank announces financials at annual meeting – Exceeds annual results expectations, assists communities with funding to navigate pandemic
The year 2020 was a unique year for Fidelity Bank as the global pandemic created an unexpected shift in the world as we knew it. While the year presented unprecedented challenges related to the pandemic, Fidelity Bank remained focused on its newly-refined LifeDesign Banking approach of helping clients, colleagues and community members get where they want to be by providing the clarity needed to make informed decisions in the face of an uncertain future.
The community bank, with headquarters in Leominster and 14 full service offices, grew by 14.4 percent reaching total assets of $1.1 billion, which is up from $972 million in 2019. While COVID-19 created several challenges, it also allowed for the unique opportunity to offer Paycheck Protection Program (PPP) loans to local businesses. During the first round of lending, Fidelity Bank made 449 PPP loans, totaling $54.8 million, with 100 percent loan and forgiveness applications approved by the Small Business Association.
“Our mission of caring deeply and striving to have a positive impact on our family, friends and neighbors served us well as we responded during the pandemic to ensure continuity of business for our clients, and support for our colleagues and communities,” said Ed Manzi, Chairman and Chief Executive Officer, Fidelity Bank. “From providing support to small business owners in navigating PPP loans, helping our clients quickly obtain mortgages in a challenging housing market, and being a strong corporate citizen for our communities during the pandemic, it is clear that Fidelity Bank and our colleagues can weather and appropriately respond to any challenge.” Fidelity Bank shared its 2020 financial data and community growth at its annual meeting on April 20.
Highlights of Fidelity Bank’s Community Growth include:
- Shortly before the pandemic began, Fidelity Bank completed the merger with Family Federal Savings, which resulted in welcoming new clients, communities, and colleagues to the Fidelity Bank family.
- Fidelity Bank’s LifeDesign approach was introduced to 1,866 new client households in 2020.
- Assisted in providing businesses $93 million in commercial loans.
- Provided $225 million in mortgage loans and equity loans with the assistance of an efficient mortgage team who moved quickly to meet the demanding needs of the current housing market.
Bank officials also announced the election of two new corporators of Fidelity Mutual Holding Company.
They are Mark Kavanagh, Realtor at GrotonHome Team Keller Williams Realty, Inc. in Groton, and Steve Volante, Owner of Volante Farms, in Needham. Both will serve a ten-year term. Scott Howard and Brent Maugel were re-elected to serve a ten-year term as directors of the Fidelity Mutual Holding Company. Alvin Collins, R. Joseph Salois, Dean Sweeney and C. Deborah Phillips were re-elected to serve a three-year term as directors of Fidelity Mutual Holding Company. Alvin Collins was elected to Clerk of Fidelity Mutual Holding Company for a one-year term, and Judy A. Khallady was elected to Assistant Clerk of Fidelity Mutual Holding Company for one-year term.
In an extraordinary year of challenges due to the pandemic, Fidelity Bank donated nearly $450,000 to more than 200 worthy organizations, events, and important causes in several Central and Eastern Massachusetts communities through its LifeDesign Community Dividend, the philanthropic arm of Fidelity Bank. In addition to its LifeDesign Community Dividend support, the bank also donated more than $100,000 to help various organizations support basic needs early in the pandemic through its Caring for Our Communities COVID-19 Response Grants and provided more than $50,000 in hunger relief support for more than a dozen Massachusetts food pantries.
Treating people with care and respect has always been a guiding principle at Fidelity Bank. In 2020, the bank created the Fidelity Bank Inclusion and Diversity Advisory Board consisting of clients, colleagues, and business and community leaders, to reflect our communities and understand the hopes and fears of clients. Additionally, a Bank Diversity Council was established for colleagues to evaluate training programs and explore new ways to promote inclusion and diversity within the bank.
As one of the board’s first official efforts, the bank committed $45,000 over three years to a partnership with Entrepreneurship for All, an organization to accelerate economic and social impact in communities nationwide through inclusive entrepreneurships, as they expand their services in Worcester and North Central Massachusetts.
Fidelity Bank also received recognition for its work in 2020. It was voted Worcester Telegram & Gazette Best Financial Services in Central Massachusetts and was named to the Boston Globe’s Top Places to Work list for the sixth time.
Click here to view Fidelity Bank’s 2020 Annual Report.
