Fidelity Bank's real estate service moves to Worcester
Courtesy | Fidelity Bank
John Peculis, president and CEO of Exchange Authority
Exchange Authority, a company specializing in Section 1031 real estate exchanges and a wholly owned subsidiary of Fidelity Bank is relocating from Leominster into Worcester.
Section 1031 refers to the U.S. Internal Revenue Service tax code allowing taxpayers to avoid paying capital gains tax regarding certain real estate property types.
As part of the move into the city, all Exchange Authority staff relocated to the Fidelity Bank banking center located at 465 Shrewsbury St. on Feb. 21.
In 2021, Exchange Authority had a 30% increase in total exchanges, and a 48% increase in escrow receipts. The $226 million that flowed through the company in 2021 yielded a 37% increase in the average daily balance, ending the year with just over $51 million on deposit, according to a Tuesday press release.
“We believe this move better positions us to serve our clients and partners in the financial services industry and also presents the opportunity to work alongside colleagues at the newly-renovated Shrewsbury Street banking center,” said John Peculis, president and CEO of Exchange Authority, in the press release.
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