Fidelity Bank donates building to Fitchburg State University
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The former Fidelity Bank on Main Street has been donated to Fitchburg State University.
Fidelity Bank will mark the completion of its merger with Family Federal Savings Bank by donating Fidelity's former headquarters to Fitchburg State University.
Located at 675 Main St., the 10,418-square-foot, one-story building in Fitchburg is assessed at $616,300, according to city records.
Fitchburg State said it has not decided how the building will be used. The bank, which is now based in Leominster, retains the naming rights to the 46-year-old landmark.
Fitchburg State President Richard Lapidus said the property’s proximity to its Theater Block makes it a valuable asset. The school purchased the long-vacant and neighboring 689-717 Main St. in 2016 for $350,000.
Future phases include the renovation of storefronts on the first floor of the complex, and later the vacant theater itself.
Earlier this year, Fitchburg State opened Idea Lab at 717 Main St. The project’s first phase comprises nearly 7,000 square feet on the second floor of the complex. It includes a game design studio for students.
Fitchburg Mayor Stephen DiNatale said the gift will help revitalize an important section of the downtown and assist Fitchburg residents and students build a brighter future.
When Fidelity Bank bought the building in 1921, its assets were $2.3 million. Once the merger with Family Federal Savings is completed in January, the new state-chartered co-owned financial institution will have combined assets of $1 billion, the lenders said.
Fidelity Bank’s Main Street branch will close on Feb. 21. Its new, full-service location at the converted Family Federal Savings Bank’s Fitchburg location at 130 Whalon St. is expected to open soon after.
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