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
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.
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.
Consolidated statements of financial condition (Unaudited)
Consolidated statements of income (Unaudited)
