Fidelity’s deposits grew 27% in 2016
PHOTO/Matt VOLPINI
The merger that saw Edward Manzi Jr., left, of Fidelity Bank, and Guy Boyer of Barre Savings Bank become partners contributed to making Fidelity Bank the second largest mutual bank in Worcester County as of last summer.
Fidelity Bank’s 2016 merger with Barre Savings Bank helped grow deposits at the bank by 27 percent in 2016 and improved other performance metrics.
Total deposits grew to $659 million last year, according to the Leominster-based bank.
The Barre merger, which was completed almost a year ago, combined the two institutions under Fidelity’s name and state charter. Fidelity now has three new branches that previously operated under the Barre Savings Bank name, for a total of 10 banking offices in Central Massachusetts.
The bank's growth includes $220 million in new loans to businesses and consumers in 2016, including $106 million for home mortgages and $90 million in commercial loans. Fidelity added 220 new business customers in 2016, increased its workforce by 30 percent, and established the Barre Savings Bank Charitable Foundation, which will support community organizations in the Barre, Paxton and Princeton areas.
As part of its community giving last year, the bank’s Life Design Community Dividend distributed $290,000 to more than 100 community organizations.
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