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2018 Annual Report
Caring Connects Us All
2 2018 ANNUAL REPORT 2018 ANNUAL REPORT 3
Following a steady year of growth, 2018 followed suit – and then some. Two
banks officially became one on April 1, 2018 with the successful merger of
Fidelity Bank and Colonial Co-Operative Bank. We’re excited to be stronger
together, and pleased with the collaboration and contributions our new,
larger team is making.
For more than 130 years, caring has been at the heart of our banking
philosophy. We put it front and center for all clients. We start with what’s in
their hearts – not what’s in their wallets – to provide custom financial advice
that helps them achieve their dreams. It’s this approach, the LifeDesign
Promise, that’s at the heart of everything we do.
When we care, we solve problems. We help clients find the perfect
mortgage, no matter their needs. We collaborate and craft
solutions for local business owners. We give the best
deposit solutions to help clients manage their money,
save for a rainy day, and find true value in their accounts.
Fidelity Bank cares deeply about our clients’ and
employees’ wellbeing – and always will. We’ll use our hearts
and our heads to help them get where they want to be.
Steady Growth and Community INVESTMENT
Who cares? WE DO!
In 2018, we reinvested in our banking centers and staff. In addition to the
new Downtown Worcester branch, we improved our Gardner and Paxton
LifeDesign Banking Centers. We also expanded our commitment to our
employees through our LifeDesign University LAUNCH Program, an 18-month
leadership development program, which celebrated its first group of
graduates this year.
As always, we’re inspired by our staff’s motivation to serve. From fundraisers to
Random Acts of Caring, our team’s big hearts never stop. As a result, we reinvested
more than $400,000 through our LifeDesign Community Dividend program.
Our hard work did not go unnoticed. Fidelity Bank was voted Best Bank and
Best Financial Service for the Worcester Telegram & Gazette Best of Central
Massachusetts Awards, Best Bank of 2018 by Baystate Parent Magazine, and
Reader’s Choice by the Leominster Champion. We’re humbled by the honors
and send a heartfelt thank you to the community for a successful 2018.
Colonial Conversion Validation Team
2018 Honors & AWARDS
Commercial loans –
record production of
$129 million in new
loans
Millbury LifeDesign
Banking Center’s
one-day CD promotion
brought in $7 million in
new deposits
New Worcester Front
Street LifeDesign
Center saw $40 million
in new deposits in just
four months
We’re thrilled to report that financial performance was strong in 2018. At
year-end, total assets were $935 million – up $116 million from 2017. Key
areas of growth included:
CARING Connects
Us All
4 2018 ANNUAL REPORT 2018 ANNUAL REPORT 5
Brought our LifeDesign promise to 1,684 new client households in 2018, expanding our caring approach across local neighborhoods and business communities.
Provided over $132 million in mortgages and home equity loans to help our clients realize their dream of homeownership, up size or downsize to the perfect home, or make improvements on a home they already own.
Spreading the LIFEDESIGN PROMISE
Caring people. Caring approach. Caring solutions.
Our contributions to the communities we live and work in are something we
take very seriously. Through programs, volunteerism, financial contributions,
and the fulfillment of our mission, we work hard to ensure our communities
are a strong and secure foundation for us all.
Here are some of the ways Fidelity Bank supported community growth in 2018:
In September of 2018, the most caring bank on the
block opened our doors at our second branch in
Worcester. Right in the heart of downtown, the
new storefront location at 153 Front Street made
a grand opening with a completely modernized
look, leading with our LifeDesign Promise. Our
Front Street team of LifeDesign bankers hit the
ground running, bringing in over $40 million in
new deposits in just four months.
We ended 2018 with the grand re-openings of
both our Gardner and Paxton LifeDesign Banking
Centers. Both locations were completely modernized
to provide a client experience one would expect
from the bank that truly cares. The Gardner
renovations were completed at the former
Colonial Co-Operative branch, meaning we
could officially close our existing Fidelity Bank
Gardner branch, and be up and running in one
LifeDesign banking center to best serve our
Gardner clients.
Paid out more than $400,000 in LifeDesign community dividends to more than 250 local organizations.
Invested in more than 90 local businesses, providing more than $129 million in commercial loans.
Paxton
Gardner
Worcester Front Street
Worcester Front Street Interior
6 2018 ANNUAL REPORT 2018 ANNUAL REPORT 7
2018 marked Fidelity Bank’s 130th year of caring for the Central Massachusetts
community. To us, caring for our community means seeing life through the eyes
of our neighbors. We hear their worries. We imagine their dreams. We realize
that we are part of something much bigger than ourselves. Here’s a look at Fidelity
Bank’s 130th year of caring for our neighbors, employees, and our community.
Random acts of caring, year-round
Throughout the year, our staff
hit the streets with Random
Acts of Caring, showing our
clients and community how
much we care.
Community building, January
The Fidelity Bank and
Colonial Co-Operative Bank
merger transition team
came together for a day
of service with Habitat for
Humanity.
Casual for a cause, year-round
Some of the great area
organizations supported
by Casual for a Cause:
Learning First Foundation,
The Ava Roy Foundation,
Wonderfund MA,
Veterans Inc., PINK
Revolution, The Shine
Initiative, Bottom Line,
and more.
Legal day one, April
April 2, 2018 marked Legal
Day One, Fidelity Bank and
Colonial Co-Operative’s first
day of business as one entity.
Fidelity Bank becomes largest
bank in its region.
Congrats, grads, November
Twelve members of the
Fidelity Bank team completed
LifeDesign University, an
18-month development program
for young professionals.
Heart to Heart: A Look at CARING in 2018
Movember, November
During the month of November, Fidelity Bank hosted a FUNdRAZOR, benefiting
the 15-40 Connection, raising funds for cancer research and screenings.
Full STEAM ahead, December
Fidelity Bank awarded a
$10,000 gift to the
Boys & Girls Club
of Fitchburg and
Leominster Gardner
Clubhouse to support
science, technology,
engineering, art,
and math (STEAM)
education – all part of
increased community
support following the
Colonial Co-Operative
Bank merger.
Dragon Boat, September – The Fidelity Bank team raced across Lake Quinsigamond in the second annual Worcester Dragon Boat Festival, raising funds for the United Way of Central Massachusetts.
Pulling 4 Paws, April – Fidelity employees flexed their
muscles and raised funds for NEADS World Class Service
Dogs at the 2018 Pulling 4 Paws Truck Pull
It’s SHINE time, December – Worcester Railers and Fidelity Bank teamed up for the Ugly Sweater Game benefiting the SHINE Initiative to raise $14,000 for youth mental health programming.
We all scream for ice cream! October – The Frosty Flyer hit
the streets in 2018, handing out thousands of frozen treats
at community events, including the March of Dimes Run for
Babies 5K race.
8 2018 ANNUAL REPORT 2018 ANNUAL REPORT 9
2018 FINANCIALS
Consolidated Statement of Condition - December 31, 2018(Dollars in Thousands)
Assets
Cash and Due From Banks 20,450
Securities Available for Sale 95,503
Net Loans 766,119
Bank Premises and Equipment 19,977
Other Real Estate Owned 36
Other Assets 32,989
TOTAL ASSETS 935,074
Liabilities and Equity
Deposits 797,621
Borrowings 53,114
Accrued Taxes and Expenses 3,529
Other Liabilities 2,466
TOTAL LIABILITIES 856,730
Equity Capital 78,813
Accumulated Other Comprehensive Income <469>
TOTAL EQUITY 78,344
TOTAL LIABILITIES AND SURPLUS 935,074
Total AssetsDollars in Millions | 14.2% Growth from 2017
Net LoansDollars in Millions | 17.7% Growth from 2017
Total DepositsDollars in Millions | 14.0% Growth from 2017
Loan Portfolio CompositionDollars in Millions | 17.5% Growth from 2017
772
TOTAL LOANS
Residential Mortgage USDA/SBA/FSAHome Equity Commercial Other
657
10 2018 ANNUAL REPORT 2018 ANNUAL REPORT 11
Executive MANAGEMENT Fidelity Mutual HOLDING COMPANY
Edward F. Manzi, Jr.Chairman & CEO
Laurie Benson
Barry Bliss
Sally Buffum
Jennifer Conrad
Anne Dygon
Sheila Julien
John Kelley
Brad Kirlin
Lisa Krywucki
Jennifer Ledoux
Connie Loveland
Joanne Morse
John Peculis
David Perry
Dana Roberts
Gregory Ryan
Deborah Sendrowski
John H. Allen
Janet S. Chambers
Brian Cirelli
Alvin B. Collins
Scott Howard
Ronald J. LeBlanc
Edward F. Manzi, Jr.
Ronald Marchetti
Maureen Marshall
Edward J. McLaughlin, Jr.
Ronald L. Salois
Dean R. Sweeney
Alan Agnelli
Robert Alario
John H. Allen
Alice Anderson
Kenneth Basque
Michael Bollus
Guy Boyer
Stephen Brewer
Matthew J. Campobasso
Janet S. Chambers
Brian Cirelli
Jan (Georgana) Cochran
Alvin Collins
John Dale
Carolee Eaton
Deborah Ekstrom
John M. Flick
Bruce Forman
Joseph Guercio
Sheila Harrity
Daniel Haynes
Jeannie Hebert
Scott Howard
Rochelle Jonswold
Linda Kosinski
Deborah LaPointe
Ronald J. LeBlanc
Susan Mailman
Edward F. Manzi, Jr.
Ronald Marchetti
Maureen Marshall
Brent Maugel
Christopher W. McCarthy
Edward J. McLaughlin, Jr.
Ann Meilus
Thomas Mertzic
Michael Moloney
Sharon Onorato
Enrico Palmerino
Joan Pena
Bob Pillsbury, Jr.
Sherri Pitcher
Debra Pochini
Paul Przybyla
Mark A. Puccio
Kenneth Ricker
Mary Ritter
Veronica Rosa
Ronald L. Salois
Paula K. Savard
Douglas Stone
Leslie Storrs
Dean R. Sweeney
Rebecca Tuttle
Paul Valois
Richard Wiles
Derek Beahn
Rebecca Beaton
Paula Bernier
Frederick Brose
Jamieson Burgoyne
Brennan Campbell
Linda Carmichael
Patricia Charpentier
Brian Cormier
Peter Favata
Peter Ishkanian
Jennifer Leger
Robert Leonardi
Brenda Lockhart-LeBlanc
Amber McCreadie
James Notaro
John Pacheco
Travis Perry
Sherri Pitcher
Tanya Quinn
Claire Risi
Stephen Smith
Jennifer Stone
Joyce Thibault
Kathleen Trainor
Richard Vallee
Ana Vargas
Kara Wiersma
Brenda Woods
Debra Caisse
Debra Daniels
Amanda Guzman
Nichole Hamm
Judy Khallady
Zachery Lavoie
Veronica Meneses
Karen Reardon
Michael Richard
Alexandra Vazquez
Wanda Walsh
Timi Whitney
Senior Vice Presidents
Board of Directors
Board of Corporators In addition to the Board of Directors
Vice Presidents
Assistant Vice Presidents
Christopher W. McCarthyPresident & COO
OUR LOCATIONS
LEOMINSTER 9 Leominster Connector
LEOMINSTER 75 Main Street
WORCESTER 465 Shrewsbury Street
WORCESTER 153 Front Street
FITCHBURG 675 Main Street
GARDNER 6 City Hall Avenue
MILLBURY Armory Village, 16 South Main Street
SHIRLEY 21 Main Street
BARRE 56 Common Street
PAXTON 713 Pleasant Street
PRINCETON 206 Worcester Road
WINCHENDON 1 School Square/Route 12
WOBURN 400 Tradecenter Drive (Loan Office)
CALL 800.581.5363
ONLINE fidelitybankonline.com