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Fidelity Bank announces financials results
Historic growth, commitment to community, brand promise awareness all highlights of 2022
(Leominster, Mass.)—Fidelity Bank experienced a year of growth and historic results in 2022. At the Fidelity Bank Mutual Holding Company annual meeting on April 19, 2023, management shared its stellar year. Colleagues of the Bank focused on its LifeDesign banking promise of “helping clients get where they want to be” by providing the clarity, confidence, and care needed to make informed decisions about their financial future.
Headquartered in Leominster with 13 full-service banking centers throughout Central Massachusetts, the Bank grew by 13.8 percent reaching total assets of $1.4 billion as of December 31, 2022, which is up from $1.2 billion as of December 31, 2021.
“With challenges in the economy and uncertainty in the world, individuals, families and businesses turned to Fidelity Bank for assurance and guidance as a trusted, community-based institution,” said Ed Manzi, Jr., Chairman and CEO, Fidelity Bank. “We believe it is our solid foundation driven by our LifeDesign banking promise of providing care, clarity, and confidence, our C.A.R.E. process and focus on clients, colleagues, and communities, that have given us such success over the past year. While we celebrate our accomplishments, we continue to be motivated to achieve new successes in the coming year.”
Highlights of Fidelity Bank’s Community Growth include:
- Fidelity Bank’s LifeDesign banking promise was introduced to 1,698 new consumer clients in 2022 and 386 businesses for a total of 2,084 new clients to the bank.
- Experienced more than $445 million in new loan production by providing businesses $273 million in commercial loans, up from $138 million in 2021, and more than $173 million in mortgage loans and home equity loans.
- Growth of 18.5 percent in net loans, 18.2 percent in gross loan origination and an increase of 13.9 percent in total deposits when compared to 2021.
- Exchange Authority, a leading consultant and facilitator for Section 1031 exchanges and a wholly owned subsidiary of Fidelity Bank, experienced 265 exchanges.
- Significant increase in the bank’s Net Promoter Score with a score of 71 and doubling the brand awareness of the LifeDesign banking promise.
- New digital-centric customer service platform for clients to connect with colleagues seamlessly across multiple channels, such as through video, chat, computer calls or by using a call-back option.
- Implementation of the Credit Insights platform to provide better money management tools for monitoring credit and suspicious activity while offering ways to improve a credit score.
- Named one of Forbes “America’s Best Banks in Each State 2022,” the only bank in central and western Massachusetts to appear on the 2022 list.
- Recognized by Banker & Tradesman as one of this year’s Fast 50 in Commercial and Residential Lending.
Bank officials also announced the election of four new corporators of Fidelity Mutual Holding Company. They are Christopher Aguilar, Charran Fisher, Liz Olivera-Mustard, and Beatriz Pina Smith, who will serve a ten-year term. Linda Kosinski, Christopher McCarthy, and Kenneth Ricker were re-elected to serve a ten-year term as corporators of Fidelity Mutual Holding Company. Christopher McCarthy was elected to serve a two-year term as director of Fidelity Mutual Holding company following his retirement from Fidelity Bank as President in April 2023. Janet S. Chambers was re-elected to serve a two-year term as director, and John Allen, Winfield Brown, Edward F. Manzi, Jr., and Mary Ritter were elected to serve a three-year term as directors of Fidelity Mutual Holding Company. Alvin Collins was elected to Clerk of Fidelity Mutual Holding Company for a one-year term, and Judy A. Khallady was elected to Assistant Clerk of Fidelity Mutual Holding Company for one-year term.
With the ever-changing pace in the banking industry, Fidelity Bank colleagues continued to step up in the past year with a commitment and dedication to delivering on the LifeDesign banking promise. Fidelity Bank welcomed 40 new colleagues and promoted 30 colleagues in 2022 to maintain the bank’s high service standards and increased growth.
Also in 2022, Fidelity Bank continued to support communities through its Community Dividend Program, by supporting more than 275 causes totaling more than $400,000. Some organizations receiving contributions in 2022 included The Shine Initiative, American Heart Association, Groton Hill Music, Johnny Appleseed Festival, NewVue Communities, North Star Family Services, She’s Local, Storytime Crafts, Worcester Tercentennial Celebration, and the YWCA of Central Massachusetts, as well as several causes promoted through Fidelity Bank’s Feature Fridays and Random Acts of Care programs.
In addition to providing funding, the bank’s Inclusion and Diversity Council continued its work through several major initiatives, events, and sponsorships over the year, including incorporating pronoun practice, the creation of an Employee Resource Group, and inclusion and diversity colleague training.
Click here to view Fidelity Bank’s 2022 Annual Report.
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About Fidelity Bank:
Founded in 1888, Fidelity Bank is one of the strongest independent community banks in Central and Eastern Massachusetts. Celebrating its 20-year anniversary as the brand promise to the community, Fidelity Bank’s unique LifeDesign approach to banking provides the care and clarity needed to make informed decisions with confidence. The Bank offers a range of personal and business banking solutions to clients in 13 full-service banking centers in Leominster, Worcester, Fitchburg, Needham, Gardner, Shirley, Barre, Millbury, Paxton, Princeton, and Winchendon. The Bank has consistently earned a “5 Star” rating from BauerFinancial, Inc., the nation’s leading independent bank rating and research firm. Fidelity Bank was the only bank in Central and Western Massachusetts recognized as one of Forbes “America’s Best Banks in Each State 2022,” in addition to being voted Worcester Telegram & Gazette Best Financial Services in Central Massachusetts and placing on the Boston Globe’s Top Places to Work list six times. As of December 31, 2022, the bank had total assets of approximately $1.4 billion. For more information, visit fidelitybankonline.com.
