New Members
Exchange Authority announces relocation to Worcester
Financial services leader moving from Leominster in response to growing market needs
(Leominster, Mass.)—Exchange Authority, a leading consultant and facilitator for Section 1031 exchanges and a wholly owned subsidiary of Fidelity Bank, today announced the relocation of its offices from Leominster to Worcester.
All Exchange Authority staff relocated to the Fidelity Bank banking center located at 465 Shrewsbury Street in Worcester, effective February 21, 2022. The organization will continue to offer the same services clients and referral sources have come to know and trust for more than 20 years and will continue to serve all 50 states and the U.S. Virgin Islands.
The move to Worcester comes on the heels of the Exchange Authority experiencing tremendous growth. In 2021, the organization realized a 30 percent increase in total exchanges, and a 48 percent increase in escrow receipts. The $226 million that flowed through the company in 2021 yielded a 37 percent increase in the average daily balance, ending the year with just over $51 million on deposit.
“While the decision to move from Leominster was a difficult one, this move will provide us with the opportunity to be closer to our clients and respond to growing market needs,” said John Peculis, President and CEO, Exchange Authority. “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.”
Fidelity Bank recently completed a state-of-the-art renovation at the Shrewsbury Street banking center which included new offices, an enhanced teller pod experience and upgrades with modernized technology.
About Exchange Authority
Founded in 1999, the Exchange Authority has been assisting clients and their professional advisors throughout the United States on exchange matters and acting as a Qualified Intermediary since Congress adopted the exchange safe harbor regulations in 1991, via IRS Section 1031. As a Qualified Intermediary, the Exchange Authority advises and educates their clients on the process, creates all required documents, coordinates the Exchange of funds, and provides full reports at the end of the Exchange. In 2008, Exchange Authority was acquired by Fidelity Cooperative Bank, making it a wholly owned subsidiary of the bank. Learn more by visiting https://exchangeauthority.com/.
