Table of Contents
- Honest to Goodness
- A Letter from the President
- Being smart with money
- Serving the unique needs of every business.
- Helping businesses maximize cash flow.
- Industry-solutions – and personal guidance.
- Bringing helpful, convenient banking to our customers
- A branch makeover in Leominster
- Teaming up to make our communities stronger
- Proud of our “good” work
- Directors, Corporators, and Trustees
- Officers
- Consolidated statements of financial condition
- Consolidated statements of income
Honest to Goodness.
Let’s face it, people and businesses have a lot of choices when it comes to where to keep their money or to get a loan. At Avidia, we wanted to make the choice easy, so we asked our customers, neighbors, and employees what makes us unique. The answer? Honest to Goodness. It’s more than just a tagline; it’s who we are as a bank, a community partner, and employer.
It’s why we offer straightforward accounts and helpful advice that are always in the best interest of our customers, why we provide donations and employee volunteers to support local non-profits, causes, and events, and why our employees stay with us year after year. And, it’s why we have a culture of innovation that allows us to continually explore ways to better serve our customers and keep our employees engaged.
We invite you to read more about banking in a different way at Avidia – Honest to Goodness.

A Message from the President.
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.
Honestly yours,
Mark O’Connell, President & CEO
Being smart with money is essential to running a successful business.
As fate would have it, we are smart with money.
of every business.
That’s our specialty.
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.



Helping businesses maximize cash flow.
No matter what industry they operate in, every business must maximize cash flow. That is why Avidia offers a robust suite of services to help businesses maximize idle funds, collect and concentrate cash, and disburse funds more efficiently.
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.


Bringing helpful, convenient banking to our customers.
Here’s the thing, people have their own ways of doing things, including the way they bank. Some like to come into branches and talk with people who actually know their name; others prefer to bank and deposit checks electronically without talking to anyone and some like to have it both ways. In 2019, Avidia continued our commitment to striking a balance between technology and full-service banking to give our customers the freedom to bank the way that makes them happy.

A branch makeover in Leominster
As part of these efforts, in 2019, we made significant changes to our branches. We began with a renovation and update of our Leominster branch at 470 Lancaster Street. The branch, which was originally opened in 2005, has been remodeled to offer new technology and to reinforce the bank’s commitment to the community and local businesses.
Enhancing banking in Hudson
In 2020, we began planning for some exciting changes in Hudson that will allow us to better serve our customers and plan for expansion.
Making room to grow in our Main Office
To accommodate our growth, beginning in the spring of 2020, we will begin transitioning branch banking at our Main Office at 42 Main Street in Hudson to the Avidia Financial Center located around the corner at 17 Pope Street. The Main Office will be remodeled as a new corporate center equipped with more room for offices and meeting and community space.
The Financial Center on Pope Street, which currently offers ample accessible parking and a drive-up ATM, will be expanded to offer additional teller services.
Moving on up on Washington Street
In addition to offering full-service banking at the Financial Center on Pope Street, in 2021, we will be relocating our Washington Street branch to a larger, more convenient location across the street. The new branch will include updated technology to make our banking services easier and more accessible. Moving forward, we’ll continue to renovate our branches to ensure we make it easy for our customers to bank and get the service they need.
Teaming up to make our communities stronger
At Avidia, we believe in the power of teamwork. When we work together, we can not only do more, but also do better for local people. In 2019, we were proud to continue our tradition of giving back to the local communities we serve and teaming up with others who share our passion for giving back.

Championing for Children.
To help support the Boys and Girls Club of MetroWest, Avidia partnered with Stephon Gilmore, New England Pro Football Player and NFL Defensive Player of the Year in 2019. For every regular season home game, the bank provided tickets for the Match of a Game to a child and mentor from the Boys and Girls Club. In addition, the bank donated $1,000 to the Boys and Girls Club of Metro West for every defensive interception and defensive recovery. The program resulted in $30,000 in donations.

Assisting Kids.
We were honored to partner with Pro Hockey Player Brad Marchand and 98.5 the SportsHub to support local youth hockey programs. For every Boston Bruins assist during the regular season, Avidia will donate $25 to benefit Massachusetts Youth Hockey Programs in the MetroWest, up to $30,000. The money raised during the season will go toward new safety equipment, including helmets and mouth guards. In addition, to help teach children about managing money, Avidia will provide 150 kids in MetroWest Youth Hockey $150 in their youth savings accounts.
Proud of our “good” work
It’s good to be a mutual savings bank. It means we can continue to use our profits for a noble cause: to support the organizations, causes, and events that help make our communities stronger. Through our donations from the bank, grants from our charitable foundation, and our employee volunteers, in 2019 we were proud to continue our tradition of giving back – Honest to Goodness.
In 2019, we gave back…
Amount Donated through the Avidia Charitable Foundation.
Amount Donated through Avidia Bank.
Employee Volunteer Hours
On a mission to make life better for our customers – and for all.
In 1997, to bolster Avidia Bank’s dedication to giving to non-profit organizations, we created the Avidia Charitable Foundation. In 2018, we built on that commitment, awarding $170,000 in grants to fund a variety of community causes, including capital campaigns to help build YMCAs and athletic facilities for high schools and for Special Olympics. “With our 2018 contributions, the Foundation has now awarded $1.17 million to 132 non-profit organizations since its founding,” said Mikala Geurtsen, Avidia’s Assistant Vice President and Clerk of the Corporation. In addition to gifting from the Foundation, Avidia Bank also provided financial support to help fund a variety of local events, programs, and causes. In 2018, we were proud to give more than $250,000 to 367 organizations located throughout all the communities we serve.
For the Bank, however, giving has always extended far beyond financial support; we are also dedicated to giving our time. In 2018, our employees were proud to volunteer to help staff local events and support non-profit organizations that are so instrumental in making our communities stronger. In 2018, our employees logged 1,229 hours in volunteer time.
“We’re proud of all our giving efforts in 2018. We will continue to respond to the ever-changing needs of all the communities we serve to ensure we do what we have always pledged to do – to help our customers and all local people prosper,” said Geurtsen.
Trustees emeritus
- Oliver F. Nunes, Jr.
- James. E. Tashijan
- Fred B. Williams
Directors
- James N. Ball
- Paul Blazar
- Nancy M. Carlson
- Benjamin H. Colonero Jr.
- Neil Flanigan
- Michael R. Girard
- Joseph Grimaldo
- Lona M. Lamson
- Jeffrey B. Leland
- Arthur E. Lemire
- Joseph F. MacDonough
- Paul F. McGrath
- Michael Murphy
- Mark R. O’Connell
- Brian Parker
Corporators
- Andrew J. Abu
- Christine Alessandro
- Ronald Aspero
- Charles J. Bacon
- David Bagdon
- Daniel S. Ball
- James Ball
- John A. Bartolini Jr.
- Paul Blazar
- Richard A. Braga Jr.
- Michael D. Burks
- Thomas Carey
- Nancy M. Carlson
- Richard Casaceli
- John L. Casagrande
- Peter Cellucci
- Preben Christensen
- Barbara Clifford
- Benjamin H. Colonero Jr.
- Robert W. Conery
- Donna Cox
- Gerald L. Curley
- Jack Cutone
- Fred Daley
- Joseph J. DeCarolis Jr.
- Lee Dinner
- John M. Dombrowski
- Benjamin P. Donnarumma
- Joseph J. Durant
- Ronald G. Ebb
- Neil Flanigan
- Victor Galvani
- Mikala D. Geurtsen
- Linda Ghiloni
- Robert B. Gibbons
- Michael R. Girard
- Joseph Grimaldo
- Michael Hanley
- Terry E. Hardy
- Richard T. Harrity
- Douglas H. Harvey
- James Hastings
- Richard E. Hastings
- Thomas H. Hays III
- Lester Hensley
- Michael Higgins
- Maria Hopkins
- Scott Hughes
- Bob Ingle
- Philip C. Jack
- Ian Johnson
- Craig S. Johnston
- Richard A. Kerdok
- Lona M. Lamson
- John I. Lebeaux
- Stephen LeDuc
- Jeffrey B. Leland
- Arthur E. Lemire
- Mark Leonard
- Thomas Lowe
- Joseph F. MacDonough
- Paul F. McGrath
- David McLaren
- Kevin E. McNamara
- Christopher Mingace
- James J. Morais
- Nancy Moran
- Susanne Morreale-Leeber
- Bartholomew H. Murphy, Jr.
- Michael Murphy
- Sumathi Narayanan
- Jack Naughton
- Roland G. Nentwich
- Daniel Notaro
- Oliver F. Nunes Jr.
- Mark R. O’Connell
- Joel C. O’Toole
- Philip B. O’Toole
- Brian Parker
- Carol Parker
- John R. Parsons Jr.
- George Pember
- David A. Philbin
- David A. Pickering
- William Reynolds
- Ernest L. Rooney
- Andrew Rubenstein
- Michael P. Saliga
- Joseph Santos
- Michael Seymour
- Garrett F. Sullivan
- Margaret B. M. Sullivan
- James E. Tashjian
- Donald Taylor
- Patricia A. Thomas-Fuller
- Paul Travis
- Kim E. Underwood
- Naray Viswananthan
- Carol Vittorioso
- Barry J. Whitney
- Fred B. Williams
- Scott Young
- Constantino Zahariadis
Officers
- Chairman of the Board
Paul Blazar - President & CEO
Mark R. O’Connell - Chief Operations Officer
Robert W. Conery - Chief Operating Officer
Gerald L. Curley - Chief Lending Officer
Bartholomew H. Murphy, Jr. - Chief Financial Officer
Margaret B. M. Sullivan - Senior Commercial
Relationship Officer
Thomas Allain - Internal Audit
Jocelyn Arsenault - Deposit Operations
Emily Braga - Security & Compliance
Neil Buckley - Commercial
Relationship Officer
Charles Budd - Retail Operations & Strategy
CarrieAnne Cormier - Human Resources
Thomas Doane - Residential Lending
Donald Frost III - Community Association
Banking
Howard Himmel - Community Banking
Rita Janeiro - Chief Risk Officer
Nicolas Karmelek - Chief Information
Security Officer
Philip Maio - Chief Marketing Officer
Janel Maysonet - Commercial
Relationship Officer
Stephen McAndrew - Commercial
Relationship Officer
Andrew Miller - Commercial
Relationship Officer
Avnish Puri - Cash Management
Sharon Quinn - Senior Commercial
Relationship Officer
Joseph Sova - Chief Credit Officer
Lee Thompson - Commercial
Relationship Officer
James Wilkins - Community Association
Banking
Lisa Allegro - Commercial Loan
Administration
Andrea Blood - Enterprise
Project Managment
Joyce Burke - Merchant Services
Cheryl Cain - Commercial
Relationship Officer
Ronald Fraser - Collections
Richard T. Harrity - Residential Loan
Administration
Laura Hughes - Payments Risk Manager
Benjamin Lannin - Commercial
Relationship Officer
Maureen Marshall - Investment Services
Mary McDonald - Financial Analyst
Karen Moe - Cash Management
Jill Mollica - Branch Administrator
David Morticelli - Commercial
Relationship officer
Kim Nguyen Marino - Commercial
Relationship Officer
Ron Notaro - Training
Cori Olson - BSA Officer
Elizabeth Owen - Workout Manager
Charles L. Park, Jr. - Senior Mortgage
Loan Officer
Edward Perachi - Commercial
Relationship Officer
Daniel Provencher - Credit Manager
Justin Provencher - Commercial
Relationship Officer
Michael Rullo - Loan Operations
Andrew Sabine - Senior Mortgage
Loan Officer
Shrenik Shah - Residential Lendinga
Natalie Sousa - Investment Services
Edward J. Stearns III - Senior Mortgage
Loan Officer
K. Joy Sullivan - Senior Mortgage
Loan Officer
Kelly Tierney - Business
Development Officer
Clifford Thompson - Health Care Solutions
Relationship Officer
Lynda Westbrook - Commercial
Relationship Officer
Robert Williamson - Branch Manager,
Main Office
Lisette Arbelli - Human Resources
Danielle Avery - Creative Manager
Jessica Bonetti - Market Manager,
Framingham Office
Jeremy Brandon - Market Manager,
Northborough Office
Jennifer Cardoso - Payment Solutions
Erin Curry - Communications Manager
Katelin Cwieka - Facilities
Daniel DeAngelis - Loan Operations
Patricia DeSantis - Market Manager,
Clinton Office
Jill deSousa - Portfolio Manager
Keith Dwinells - Branch Manager,
Leominster Office
Denise Fernald - Assistant BSA Officer
Kevin Ferreira - Corporate Clerk &
Project Manager
Mikala Geurtsen - Merchant Services
Account Manager
Zachary Grant - Electronic Services
Lisa Joyce - Credit Card Issuing
Missy Lindberg - Business Banking Officer
Stephanie Luz - Marketing Manager
Sonia Mahnot - Risk Management
Melissa McDonald - HSA Client
Relationship Officer
Mary Newton - Cash Management
Pamela O’Brien - Branch Manager
Westborough Office
Kimberly Perkins - Loan Operations
Amanda Ramsden - Commercial
Relationship Officer
Tina Ramsey - Merchant Card Services
Heather Schneider - Business Banking Officer
Marcy Lynn Silva - Portfolio Manager
Robert Smith - Deposit Operations
Patti Wood - Digital Banking
Todd Wood - Branch Manager,
Marlborough Office
Heidi Borella - Commercial Loan
Portfolio Officer
Ana Czapkowski - Assistant Controller
Denise Czermak - Branch Manager,
Shrewsbury Office
Gargi Duttaroy - Senior Credit Analyst
Robert Eggleston - Branch Manager,
Hudson South Office
Fernando Ferreira - Internal Audit
Tammy Gulcius - Senior Credit Analyst
John Iacobucci - Workout Officer
Lisa Luz - Residential Loan Officer
Andrew Nawrocki - Workout Officer
Karen Perillo - Information Security Officer
Joseph Provost - Customer Care
Center Manager
Daniela Cunha Raphael - IT Manager
Dan Rowe
Consolidated statements of financial condition (Unaudited)

Consolidated statements of income (Unaudited)

HUDSON
Corporate Headquarters
42 Main Street
Hudson, MA 01749
Mon-Fri: 8am-4pm
Avidia Financial Center
17 Pope Street
Hudson, MA 01749
Mon-Wed: 8:30am-4pm
Th-Fri: 8:30am-6pm
Saturday: 8:30am-12pm
24-hour drive-up ATM
221 Washington Street
Hudson, MA 01749
Mon-Wed: 8:30am-4pm
Th-Fri: 8:30am-7pm
Saturday: 8:30am-12pm
24-hour drive-up ATM
FRAMINGHAM
Framingham, MA 01701
Mon-Wed: 8:30am-4pm
Th-Fri: 8:30am-6pm
Saturday: 8:30am-12pm
24-hour drive-up ATM
WESTBOROUGH
Westborough, MA 01581
Mon-Wed: 8:30am-4pm
Th-Fri: 8:30am-6pm
Saturday: 8:30am-12pm
24-hour drive-up ATM
CLINTON
Clinton, MA 01510
Mon-Wed: 8:30am-4pm
Th-Fri: 8:30am-6pm
Saturday: 8:30am-12pm
24-hour drive-up ATM
LEOMINSTER
Leominster, MA 01453
Mon-Wed: 8:30am-4pm
Th-Fri: 8:30am-6pm
Saturday: 8:30am-12pm
24-hour drive-up ATM
MARLBOROUGH
Marlborough, MA 01752
Mon-Wed: 8:30am-4pm
Th-Fri: 8:30am-6pm
Saturday: 8:30am-12pm
24-hour drive-up ATM
NORTHBOROUGH
Northborough, MA 01532
Mon-Wed: 8:30am-4pm
Th-Fri: 8:30am-6pm
Saturday: 8:30am-12pm
24-hour drive-up ATM