Fidelity Bank and Cape Cod 5 parent companies to merge into $7B business
Photo | Courtesy of Nathan Fiske
Edward Manzi, Jr. is the CEO and chairman of Fidelity Bank in Leominster
The parent companies of Fidelity Bank of Leominster and Cape Cod 5 in Hyannis have agreed to merge into a single holding company called Mutual Bancorp. The banks will continue to operate independently, under their current brands.
Cape Cod 5 holds more than $5.5 billion in assets with 26 locations, and Fidelity Bank holds $1.5 billion in assets with 13 locations. Fidelity is the 12th largest bank in Central Massachusetts when ranked by local deposits, according to the WBJ Research Department.
Matt Burke, Cape Cod 5 chairman and CEO, will be chairman and CEO of Mutual Bancorp while maintaining his position with Cape Cod 5. Edward Manzi will remain in his role as chairman and CEO of Fidelity Bank and serve as vice chairman, chief strategy officer of Mutual Bancorp, according to a Thursday joint press release from the two banks.
“Fidelity Bank and Cape Cod 5 are both long-standing institutions with very similar cultures and values. We both focus on personalized service to consumers and businesses, and a commitment to making a positive impact in our communities,” Burke said in the press release. “This partnership will strengthen Mutual Bancorp and enable us to utilize shared resources and best practices so that each bank can grow in size, strength, and offerings to customers. The combination will allow us to adapt to an ever-changing environment, as well as provide additional growth and development opportunities for our dedicated teams.”
Under the merger agreement, Fidelity will form a $5-million charitable foundation, providing support to nonprofits. Cape Cod 5 already has an established foundation.
Minneapolis-based Piper Sandler, which has a Boston office, served as the financial advisor on this transaction. Goodwin Procter of Boston served as legal counsel to Mutual Bancorp and Boston law firm Nutter McClennen & Fish served as legal counsel to Fidelity Bank MHC.
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