Fidelity Bank reaches $819M in assets
Photo | Nathan Fiske
Ed Manzi, chairman and CEO of Fidelity Bank.
Fidelity Bank grew by 5 percent in 2017, reaching total assets of $819 million while investing in more than 145 local businesses.
The Leominster bank has grown its assets significantly over the last five years. In 2013, the bank recorded assets of $566 million. Each year since, that number has grown, according to its 2017 financial report released Tuesday.
The community bank paid out more than $350,000 to more than 200 local organizations through its LifeDesign Community Dividend program.
Fidelity provided over $117 million in mortgages and home equity loans in the year.
Another $70 million of assets is expected to be tacked on once the bank completes its merger with Colonial Co-Operative Bank of Gardner. The transaction is expected to close this summer.
A second full-service Fidelity Bank office will open in Worcester later this year.
Last year saw the bank enter into an agreement with the Worcester Railers for the naming rights to the team's $18-million practice facility now called the Fidelity Bank Worcester Ice Arena, which opened last September.
“We grew in each area of our business this year,” said Fidelity Bank Chairman and CEO Ed Manzi. “From investing in more local businesses to providing our clients with mortgages for homeownership to having staff supporting local nonprofits, I could not be happier with the work we have accomplished.”
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