Barre Savings Bank and Fidelity Bank Announce Merger Agreement
LEOMINSTER AND BARRE, MASSACHUSETTS – Sept. 2, 2015 – Fidelity Bank, headquartered in Leominster, and Barre Savings Bank, headquartered in Barre, today announced that they have agreed to combine their two institutions under the Fidelity Bank charter.
In a shared statement, Barre Savings Bank President and CEO Guy H. Boyer and Fidelity Bank Chairman & CEO Edward F. Manzi Jr. said that the merger will be very beneficial for the customers, employees, and communities served by the combined institution. They added that “it is a rare opportunity that leverages the strengths of both banks, increases service offerings and branch access, creates new opportunities for career advancement, and expands our support for local communities.”
“This is an incredible opportunity for Barre Savings Bank and our stakeholders. Joining an organization that shares our values and our employee- and customer-centric approach, further solidifies our long-term commitment to our communities,” said Boyer.
“I have tremendous respect for Guy Boyer, the Barre Savings Bank board of trustees, employees, and management team,” stated Manzi. “Barre Savings Bank has been a great example of what it means to be a community bank. I want to express how grateful and excited we are to have the opportunity to partner with this great organization to ensure these values are carried forward for years to come.”
“Barre Savings Bank’s culture, commitment to excellent service to customers, respect for the individual, and a positive experience for all meshes perfectly with our LifeDesign approach,” Manzi offered. “We are committed to being the most caring, trusted, and respected local source of financial guidance and solutions in the communities we serve. Fidelity Bank has been doing the right thing and helping clients get where they want to be for over 125 years. We look forward to sharing this commitment and our values in our new communities.”
“Fidelity Bank’s proprietary LifeDesign promise and approach to doing business helped make this such an attractive partnership,” Boyer said.
“These are challenging times for smaller community banks,” Boyer continued. “The ever-growing complexities of the banking business can be difficult for a bank the size of Barre Savings Bank. The new combined institution will allow us to make the investments necessary to stay competitive and deliver services, while never forgetting our community bank values.”
As part of the agreement, Fidelity Bank will establish a $1.5 million community foundation to provide support to non-profit organizations in the Barre, Paxton, and Princeton area. “This new community foundation will allow us to dramatically increase our level of support for local organizations, something I am very pleased to announce,” stated Boyer.
Manzi and Boyer emphasized that this is a merger of state-chartered, mutually owned financial institutions. It is a combination of assets that will create the second-largest mutual community bank headquartered in Worcester County, with 10 offices and assets of approximately $750 million.
Manzi will continue in his role as Chairman & CEO of the merged institution. Boyer plans to retire but will remain with the Bank for at least three months after the merger to assure a seamless transition. In addition, three members of the Barre Savings Bank board of trustees will join the Fidelity Bank board of directors. At the completion of the merger, all Barre Savings Bank employees will join the Fidelity Bank team, and customers of both banks will continue to see the same caring individuals at their local branches.
The merger agreement has been approved by the boards of both banks – two groups who share the same commitment to customers, employees, and community. The merger is subject to a vote of the Barre Savings Bank Corporators. In addition, the merger is subject to approval by the Federal Deposit Insurance Corporation (FDIC) and the Massachusetts Division of Banks, and is expected to be completed in the second quarter of 2016.
Fidelity Bank, established in 1888, offers banking, investment, and insurance products and programs through seven full-service banking offices in the Central Massachusetts towns of Gardner, Fitchburg, Leominster, Millbury, Shirley, and Worcester. As of June 30, 2015 it had total assets of $615 million. The Bank has consistently earned a “5 Star” rating from BauerFinancial, Inc., the nation’s leading independent bank rating and research firm. The Bank has been named one of The Boston Globe’s Top Places to Work for each of the past four years and was recognized by the Worcester Business Journal as a 2014 Top Workplace. Fidelity Bank maintains an online banking presence at FidelityBankOnline.com. Equal Housing Lender. Member FDIC. Member SIF.
Barre Savings Bank, established in 1869, provides its neighbors with a secure place to save and the means to finance important life goals through offices in Barre, Paxton, and Princeton. As of June 30, 2015 it had total assets of $153 million. Barre Savings Bank also maintains an online banking presence at BarreBank.com. Equal Housing Lender. Member FDIC. Member DIF.
For further information, please call 800.581.5363