Fidelity Bank Acquires Leominster Branch
Fidelity Bank has reached an agreement with People's United Bank to acquire a People's branch in Leominster, the two announced.
Under the agreement, Fidelity will acquire $15 million in deposits from the branch as well as more than 900 customers. Fidelity said it will offer comparable positions to the People's employees who work there. Financial details of the transaction were not disclosed.
Fidelity already has two branches in Leominster, including its corporate center, which was constructed in 2007. Those two branches have a combined $130 million in deposits pre-acquisition, Fidelity spokeswoman Catherine Dillon said.
The People's branch at 75 Main St. will temporarily become a Fidelity branch, Dillon said. She said Fidelity will renovate the acquired branch with the aim of moving its 29 Main St. branch into the facility.
"It has great parking, two drive-up lanes, and we'll add a drive up ATM," Dillon said. "It's a larger branch and has safe deposit boxes."
Dillon admits the move is a bit unusual for her bank. It has not acquired a single branch from another bank before, she said.
Valerie Carlson, a spokeswoman for People's, said the bank routinely evaluates its branch locations with customer convenience in mind. The Leominster branch was the bank's only North Central Massachusetts branch. The next-closest are in Shrewsbury, Marlborough and Worcester.
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