October 2, 2018

Fidelity Bank sets up $300K microloan funds in Gardner, Winchendon, Templeton

Courtesy
Fidelity Bank CEO Edward Manzi now leads a $900 million financial institution after a merger with Colonial Co-operative Bank.

Fidelity Bank has set up microloan funds to help small businesses in Gardner and Winchendon, two northern Worcester County communities where Colonial Co-Operative Bank, with which Fidelity has merged, previously had branches.

Fidelity has earmarked $300,000 for the fund, called The Colonial Bank Loan Fund-a Fidelity Bank Endowment, as part of a commitment it made a year ago when the merger with Colonial was announced. The Leominster-based bank said then it would set up a fund to help small businesses in Gardner in Winchendon, as well as in adjacent Templeton. Fidelity followed up with news of the earmark on Tuesday.

Fidelity already had a branch in Gardner and added one in Winchendon, in addition to 10 others spanning from Millbury to Shirley.

The fund will be managed by Fitchburg-based North Central Massachusetts Development Corp. The Greater Gardner Chamber of Commerce will partner with the development corporation to promote the loan fund to businesses in the area.

Fidelity and Colonial Co-Operative Bank announced last September they were merging, with combined assets of nearly $900 million, a total of which was predominantly Fidelity's. Colonial's branches in Gardner and Winchendon were closed following the merger, with the Winchendon branch converted into a Fidelity Bank.

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