FITCHBURG — Fidelity Bank will soon be shutting down its branch at 675 Main St., once the bank’s headquarters and only location, and donating the building to Fitchburg State University while it completes its merger with Family Federal Savings Bank.
The Main Street location will permanently close at the end of business Feb. 21 and reopen at the converted Family Federal Savings Bank at 130 Whalon St. on Feb. 24.
“This gift honors the commitment of both Fidelity Bank and Family Federal Savings Bank to serving the people of Fitchburg and the other communities they serve,” says Fidelity Bank Chairman and CEO Edward Manzi Jr., who used to work in the building.
Manzi Jr. said the move is consistent with the bank’s promise of being a team of caring people who provide solutions for clients wherever they live and work.
“We are grateful for Fidelity’s generosity in making this space available to the university,” says Fitchburg State President Richard S. Lapidus. “This property and its proximity to the Theater Block and ideaLab will create strategic opportunities for future programming in this vital stretch of downtown.”
Fitchburg State purchased the Theater Block in 2016 and plans to renovate it in three phases.
The university is working with NewVue Communities on the Theater Block. Construction for Phase One of the $2.8 million project began in the fall of 2017.
The first phase, which added a game design studio and entrepreneurship lab, was completed in January.
For the second phase, the university hopes to bring businesses to the building’s seven bays by recruiting outside businesses or possibly using some of the spaces as incubators for the entrepreneurship program upstairs.
The third phase includes the renovation of the 28,235-square-foot theater space, which at its peak seated 1,751 patrons.
Fitchburg city officials said they are grateful for the donation, assessed at approximately $700,000.
“This generous gift will help revitalize an important section of the downtown and help Fitchburg residents and students build a brighter financial future for themselves and their families,” Mayor Stephen L. DiNatale said. “It marks an exciting new chapter in Fidelity Bank’s relationship with the city, which started almost 140 years ago.”
Andy Van Hazinga, Ward 4 City Councillor, said in a recent post on social media he was disappointed with the move.
“I like going downtown and want to go downtown to do my banking,” he said. “The Main Street location is convenient and the staff there is always great to work with.”
Van Hazinga said he moved his accounts to Fidelity primarily because of its investment in the downtown area.
He commended the bank for donating the building to Fitchburg State University, but added that he would be happier if it kept its business on Main Street to best serve residents.
Manzi said it is never an easy decision to close a branch.
“We took a long time to evaluate our options,” he said. “We hired outside consultants to help us make a decision that is best for the most clients.”
He also confirmed that there will be no layoffs because of the merger, saying that customers will see familiar faces at the new location.
The new building is more modern, accessible from Route 2, and ready to provide for clients, he said.
According to Manzi, Fidelity Bank remains committed to the revitalization of downtown Fitchburg even with the move.
“It was important to us to use the asset of the Main Street building in a positive way that benefits the community, which is what led us to donating it to Fitchburg State University,” he said. “We have naming rights to the reimagined building and will continue to have a voice in how the building is used.”
Manzi said customers will not need to take any action because of the change, and accounts will automatically change to the new location.
When Fidelity Bank bought the building in 1921, the bank only had $2.3 million in assets.
Once the merger with Family Federal Savings is completed Jan. 1, the financial institution will have combined assets of approximately $1.05 billion.
Fidelity is the significantly larger partner in the deal, with nearly $976 million in assets as of March 31. Family Federal had nearly $98 million in assets, according to a regulatory filing.
The agreement with Family Federal marks Fidelity’s third merger since 2014. The bank previously acquired Colonial Co-operative Bank and Barre Savings Bank.
Fidelity has offices in Leominster, Worcester, Fitchburg, Gardner, Barre, Shirley, Millbury, Paxton, Princeton and Winchendon. Family Federal’s branches are in Fitchburg, Stow and Needham.
