Fidelity Bank announces financials results
Exceeds expectations with a record year, strong growth in commercial loans and deposits
(Leominster, Mass.)—The year 2021 was an historic year for Fidelity Bank as annual results exceeded expectations including strong growth in commercial loans and deposits. The bank remained focused on its LifeDesign Banking approach of helping clients get where they want to be by providing the clarity, confidence, and care needed to make informed decisions about their financial future. Fidelity Bank shared its 2021 financial data and community growth at the Fidelity Bank Mutual Holding Company annual meeting on April 19.
The community bank, with headquarters in Leominster and 13 full-service offices, grew by 9.8 percent reaching total assets of $1.2 billion as of December 31, 2021, which is up from $1.1 billion as of December 31, 2020.
“As we recognize the strongest year in our 133-year history, we are grateful to those who have trusted us to guide them toward financial success,” said Ed Manzi, Chairman and CEO, Fidelity Bank. “Our results are a true testament to the commitment of our colleagues who provide service with care and develop innovative products to respond to the evolving needs of our clients.”
Highlights of Fidelity Bank’s Community Growth include:
- Fidelity Bank’s LifeDesign approach was introduced to 2,398 new client households in 2021 and 392 businesses for a total of 2,790 new deposit accounts.
- Experienced more than $398 million in new loan production by providing businesses $138 million in commercial loans, up from $93 million in 2020, and more than $229 million in mortgage loans and home equity loans, resulting in a more than 10 percent growth.
- Completion of a second round of 291 Paycheck Protection Program (PPP) loans totaling $25.9 million, with a two-year overall total of 738 loans resulting in $80.4 million in PPP loans.
- Growth of $43.9 million in retail deposits from December 31, 2020 to December 31, 2021 across all business segments, including consumer, business and municipal.
- Exchange Authority, a leading consultant and facilitator for Section 1031 exchanges and a wholly owned subsidiary of Fidelity Bank, experienced a record year with a 30 percent increase in clients and a 42 percent increase in the average monthly balances. In 2021, the Exchange Authority appointed John Peculis to President and CEO, and announced it moved its offices to the Fidelity Bank Shrewsbury Street banking center in Worcester in February 2022.
Bank officials also announced the election of six new corporators of Fidelity Mutual Holding Company.
They are Melane Bisbas, Winfield Brown, Jody Guetter, Michael O’Neal, Roseanne Timmerman, and Jonathan Vitale, who will all serve a ten-year term. Matthew Campobasso, Janet Chambers, John Flick and Ronald J. (Joe) Salois were re-elected to serve a ten-year term as corporators of Fidelity Mutual Holding Company. Sheila Harrity, Scott Howard, and Mark Puccio resigned as corporators. Winfield Brown and Mary Ritter were elected to serve a one-year term as directors of Fidelity Mutual Holding Company. Brian Cirelli, Patricia Leonhardt and Ronald Marchetti were re-elected as directors of Fidelity Mutual Holding Company for a three-year term, and Maureen Marshall was re-elected as a director of Fidelity Mutual Holding Company for a one-year term. Alvin Collins was elected to Clerk of Fidelity Mutual Holding Company for a one-year term, and Judy Khallady was elected to Assistant Clerk of Fidelity Mutual Holding Company for one-year term.
Treating people with care and respect has always been a guiding principle at Fidelity Bank. Expanding on last year’s creation of the Fidelity Bank Inclusion and Diversity Advisory Board, the bank developed inclusion and diversity targets for client acquisition and colleague hiring and created a Vendor Management Policy to ensure inclusion and diversity among companies with whom the bank does business.
In 2021, Fidelity Bank continued to support the communities through its Community Dividend Program by supporting more than 220 causes totaling more than $400,000. Organizations receiving contributions in 2021 included Indian Hill Music of Littleton (soon to be Groton Hill Music Center when the organization opens its new home in Groton) to support outreach programs and provide scholarships for students at public schools across Fidelity Bank’s service area as well as Entrepreneurship for All, Inc., Black Box Theatre, Heywood Healthcare, Reliant Foundation, WooSox Foundation, March of Dimes Foundation, Needham Community Council, NewVue Communities, Inc., The Shine Initiative and the Worcester County Food Bank to name a few, as well as several causes promoted through Fidelity Bank’s weekly Caring Casual Fridays. Fidelity Bank has given out approximately $2.75 million since the program was renamed in 2013.
Click here to view Fidelity Bank’s 2021 Annual Report.
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About Fidelity Bank:
Founded in 1888, Fidelity Bank is one of the strongest independent community banks in Central and Eastern Massachusetts. Fidelity Bank’s unique LifeDesign approach to banking provides the care and clarity needed to make informed decisions with confidence. The Bank offers a range of personal and business banking solutions to clients in 13 full-service banking centers in Leominster, Worcester, Fitchburg, Needham, Gardner, Shirley, Barre, Millbury, Paxton, Princeton, and Winchendon. The Bank has consistently earned a “5 Star” rating from BauerFinancial, Inc., the nation’s leading independent bank rating and research firm. Fidelity Bank has been voted Worcester Telegram & Gazette Best Financial Services in Central Massachusetts and appeared on the Boston Globe’s Top Places to Work list six times. As of December 31, 2021, the bank had total assets of approximately $1.2 billion. For more information, visit fidelitybankonline.com.