Published: November 27, 2019
Former headquarters to be part of effort to revitalize the Theater Block and increase financial education for residents and students.
Fidelity Bank will mark the completion of its merger with Family Federal Savings Bank, by donating 675 Main Street, which was once the bank’s headquarters and only location, to Fitchburg State University. “This gift honors the commitment of both Fidelity Bank and Family Federal Savings Bank to serving the people of Fitchburg and the other communities they serve,” says Fidelity Bank Chairman and CEO Edward F. Manzi, Jr., who used to work in the building. “It is consistent with Fidelity Bank’s LifeDesign promise of being a team of caring people, who take a caring approach, to provide caring solutions for our clients wherever they live and work. “
Preliminary discussions are underway regarding how the building will be used. Fidelity Bank will have the naming rights to the reimagined building. “We are grateful for Fidelity’s generosity in making this space available to the university,” says Fitchburg State President Richard S. Lapidus. “This property and its proximity to the Theater Block and ideaLab will create strategic opportunities for future programming in this vital stretch of downtown.” Earlier this year Fitchburg State University opened ideaLab in the adjacent building at 717 Main Street. It includes a game design studio for Fitchburg State students in the program.
Fitchburg city officials are grateful for the donation, assessed at approximately $700,000.
“This generous gift will help revitalize an important section of the downtown and help Fitchburg residents and students build a brighter financial future for themselves and their families,” says Fitchburg Mayor Stephen L. DiNatale. “It marks an exciting new chapter in Fidelity Bank’s relationship with the city, which started almost 140 years ago.”
The building at 675 Main Street has a rich history. When Fidelity Bank bought the building in 1921, the bank’s assets were $2.3 million. Once the merger with Family Federal Savings is completed January 1, the merged state chartered mutually owned financial institution will have combined assets of approximately $1.05 billion. At one point 675 Main Street was Fidelity Bank’s only full-service office. The addition of the Fitchburg, Stow and Needham branches of Family Federal Savings Bank will bring Fidelity Bank’s total of full-service offices up to 14.
Fidelity Bank’s 675 Main Street location will permanently close at the end of business Friday, February 21. The transferal of services to Fidelity Bank’s new full-service location at the converted Family Federal Savings Bank’s Fitchburg location at 130 Whalon Street will happen the weekend of February 22-23. The new location will open as Fidelity Bank on Monday February 24.