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Some things just stand the test of time. At Avidia Bank, we believe that’s honesty, integrity, and a commitment to always doing what’s best for our customers. It’s why in 2019, we experienced another strong year of financial performance and why after 150 years, we’re still here – helping individuals, families, businesses, and our communities prosper. One of our greatest assets continues to be our charter as a mutual bank. Without shareholders and the pressure to deliver quarterly returns, we are free to continue to give back to our customers and communities – reinvesting our profits to offer competitive services and investing in our employees and our communities. We also continued to invest in ways to enhance the service we provide, including the reconstruction of our branch offices to make banking in person even more convenient and easy Despite a tumultuous interest rate environment, we continued to have moderate growth in earnings by growing commercial and business banking loan portfolios and continuing to grow deposits in health savings accounts.

In 2019, as we have done in the past, we strived not to be the most profitable bank, but to be the trusted bank our customers can turn to for honest and personal guidance. Key to that promise are our people. Employees at all levels of our organization are committed to serving others. We would like to recognize the contributions of one key individual who has helped pave the way for Avidia’s success – the late Roger Leland. Roger, who served as director of Westborough Bank, was instrumental in helping bring Hudson Savings Bank and Westborough Bank together to form the institution we are today. Thank you for your support. We look forward to serving you and your community in 2020 and for many more years to come.

We get it. Every business is unique with different financial needs, challenges – and specialties. In 2019, Avidia continued to do business banking in a unique way – by giving each business exactly what they need to do business faster, cheaper, and safer. We helped companies maximize cash flow by accelerating receivables, and efficiently managing disbursements. We delivered innovative solutions like our Business Manager program to support rapid business growth and provide access to capital. And, we offered protection from financial fraud, and deposit insurance with no limits.

With a willingness to lend, local decision making, and a full range of commercial banking solutions, Avidia was open for business in 2019.

We are also proud to be named the Small Business Administration’s (SBA’s) #1 lender to manufacturers in Massachusetts in 2019.

Avidia understands that businesses in certain professions have unique needs. In 2019, we were proud to serve a variety of specialized businesses, including:

Dental Practices.

From financing for buying, expanding, or renovating practices, to solutions for managing cash flow and processing payments, Avidia offered all the financial solutions dental practices need to grow and succeed.

Condo Associations.

We recognize that condo associations have very unique needs when it comes to financing and managing cash flow. Avidia’s Community Association Lending team serves associations throughout New England offering a range of solutions and more than two decades of experience.

FinTech/Payments.

As part of our commitment to innovation and helping fuel the growth of businesses, in 2019, we dedicated resources to meet the financial and business needs of financial technology (FinTech) companies. Among the services we provided are Real-Time Payments (RTP). Avidia was the first community bank in the country to sign on to this service available through The Clearing House (TCH), and currently offers faster payments through a push-to-card system that allows customers to pay people and small businesses using their cards.