Fidelity Bank reports asset growth of $100M for 2021
Photo/GRANT WELKER
Fidelity Bank's Worcester branch on Front Street
Fidelity Bank reported growth of 9.8% during the 2021 fiscal year, bringing the total assets of the Leominster-based bank to $1.2 billion.
The bank’s growth in assets mainly came from securities, which rose $84 million from the 2020 fiscal year, and net loans, which increased by $48 million. The bank’s total cash assets declined by about half from 2020, from $36 million down to $18 million.
In a press release regarding the annual report, the bank stated that its growth in loan production came from increased commercial loans to businesses, which increased $45 million in 2021. The bank also reported about 2,800 new deposit accounts for the year.
“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,” Fidelity Bank CEO Ed Manzi is quoted as saying in the press release. “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.”
Fidelity Bank’s latest fiscal year is also marked by its distribution of a second round of Paycheck Protection Program loans to help business in the wake of the COVID-19 pandemic. The bank reported 291 loans totaling $25.9 million in the fiscal year, bringing the total of reported PPP loans to 738 loans totaling $80.4 million.
The bank matched its total assets with $1.1 billion in total liabilities and $123 million in total equity.
Bank officials also announced the election of six new corporators of Fidelity Mutual Holding Company. They are Melane Bisbas of Needham Public Schools, Winfield Brown of Heywood Healthcare, Jody Guetter of Nymbus, Michael O’Neal, a motivational speaker in Needham, Roseanne Timmerman of St. Joseph’s Parish in Needham, and Jonathan Vitale of Raffol & Company, who will all serve a ten-year term.
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