Fidelity Bank Establishes Micro Loan to Celebrate Completion of Merger with Colonial Co-Operative Bank
Published: September 28, 2018
Fidelity Bank is supporting small local businesses in the communities of Gardner and Winchendon in recognition of the completion of its merger with Colonial Co-Operative Bank, which had branches in those communities prior to the merger. The merged state chartered, mutually owned financial institution has combined assets of more than $822 million.
Fidelity Bank has committed to earmark $300,000 for the establishment of a micro loan fund, to be called The Colonial Bank Loan Fund- a Fidelity Bank Endowment. “We wantto honor Colonial Co-operative Bank’s prior commitments to the people of Gardner and Winchendon,” said Fidelity Bank Chairman & CEO Edward F. Manzi Jr. “It aligns well with our LifeDesign promise of being a team of caring people, who take a caring approach, to provide caring solutions.”
The fund will be managed by North Central Massachusetts Development Corporation (NCMDC) to provide the loans to small businesses in the city of Gardner and the towns of Winchendon and Templeton. “We are very excited to be partnering with Fidelity Bank on the establishment of the new Colonial Bank Loan Fund,” said Roy M. Nascimento, CCE, IOM, President and CEO of the North Central Massachusetts Chamber of Commerce and the North Central Massachusetts Development Corporation. “These funds will go a long way in providing local entrepreneurs with the critical infusion of capital that they will need to take their business from dream to reality.”
The Greater Gardner Chamber of Commerce will partner with NCMDC to promote the loan fund to businesses in the area. “We are pleased to promote the fund as a resource for new businesses to accelerate their ideas and achieve their ambitions. In large part, small businesses are driving the economic growth in the Greater Gardner region” said Carol Jacobson, President and CEO of the Greater Gardner Chamber of Commerce. “It is also a fitting tribute to Colonial Co-operative Bank’s rich history of supporting businesses and citizens in Gardner and surrounding towns for more than a century.”
Fidelity Bank also gave gifts to four nonprofits based in Gardner and Winchendon. Former Colonial Co-operative Bank President Joseph D. Guercio serves as President of the advisory board who chose the nonprofits who were honored. Gardner based Alyssa’s Place: Peer Recovery and Resource Center, Montachusett Veterans Outreach Center , and The Gardner Community Action Committee received gifts of $5,000. The Wendell P. Clark Memorial YMCA in Winchendon received a gift of $2,500.