Fidelity Bank, Family Federal announce $1B merger
Photo | Grant Welker
Fidelity Bank's Front Street location in Worcester
Fidelity Bank and Family Federal Savings are merging, the two banks announced Tuesday, with the combined company operating under the Fidelity name.
Leominster-based Fidelity is the far larger of the two, with assets hitting $935 million last year and 12 full-service branches. Fitchburg-based Family Federal Savings has three branches, in Fitchburg, Needham and Stow.
The combined institution will have assets of roughly $1.05 billion, Fidelity said.
Both banks' boards have already approved the merger, which is expected to close in the fourth quarter of the year, subject to approval by regulators.
Fidelity Chairman and CEO Edward Manzi will continue in the same role. Family Federal Savings' president and CEO, David Brassard, will join Fidelity's executive team as executive vice president and senior strategy officer. Fidelity said Family Federal Savings employees will join the company, with two members of Family Federal Savings' board joining the Fidelity board.
Fidelity completed another merger with a smaller competitor last year, with Colonial Co-Operative Bank of Gardner, which had $70 million in assets at the time they agreed to merge. Fidelity's annual growth in assets last year of 14% landed it in the top 10% in the country in both total assets and net loan growth rates among peer banks.
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