A Letter from the President

“While our growth has had a strong impact on our financial statements, we are most proud of the direct impact it has had in the lives of our customers and employees, and in the hearts of our communities. […] We created new and innovative products to help individuals at all stages of life – from early savings programs for adolescents to innovative CDs to help young families achieve their goals of purchasing homes without sacrificing liquidity. We also invested in our valued employees by increasing the minimum wage to $15 an hour. 

[…] we will continue to build on the solid foundation that has led to our historic and long-term success – to do whatever it takes to help our customers and communities move forward.

Thank you for your support.”

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“There are thousands of banks. To win their business and their trust, you have to talk the talk. I always give out my cell phone number to my customers. This is their livelihood. If an issue or a need is important to them, it’s important to us.”

Dan Provencher, Vice President and Commercial Relationship Officer

To best serve our customers, we:

 

  • Serve as trusted advisors
  • Take a holistic approach to address the complete financial needs of business owners
  • Learn more about each customer to formulate the right solution
  • Maintain a consistent consultative approach
Avidia is on the forefront of banking technology, looking for ways to help families, individuals, professionals, and businesses bank easier and at the same time never forgetting our roots.
Forward is a concept created based on our mantra: “Forward Thinking. Community Driven.” It is the foundation of our business to help our community and local businesses thrive.
Throughout this annual report, you will see how Avidia’s commitment to this idea shines through in everything we do daily from the first moment customers find us online to servicing their deposit or loan behind the scenes.
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“In 2019, we’ll continue to look for ways to enhance the user experience and make our website more accessible to all.”

Jessica Bonetti, AVP, Creative & Branding Manager

In 2018, we...

  • Took a proactive role to meet and exceed the Justice Department’s Web Content Accessibility Guidelines
  • Recruited individuals with a range of disabilities to participate in focus groups to share their opinions about their online challenges
  • Made a number of changes, including creating more descriptive links, using consistent headers on pages, and providing text descriptions on images

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“Our approach to our customers has never been about pushing products or services to all customers; it’s always been more about building relationships with individual customers and tailoring products and services to meet their needs.”

Margaret Sullivan, Executive Vice President and Chief Financial Officer

The best way to bank?

The way that works for

YOU

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“The bankers in our branches
think a little differently. We think about each customer and how we can educate and empower them to use the technology they want for tomorrow”

David Morticelli, Vice President and Branch Administrator

Solutions to Protect Businesses

Protecting customers from fraud isn’t just important for our personal banking customers, but for businesses as well, as they continue to face increased risk for ACH, check, wire transfer, and other types of fraud. To mitigate that risk, Avidia offers a variety of cash management products and services, including Positive Pay that allows us to protect customers from ACH and check fraud. Available through online banking, both services allow our customers to ensure that only authorized checks and automated clearinghouse (ACH) debits post to their accounts. Additionally, we empower businesses to further mitigate check and ACH fraud by fulfilling their payables using a business credit card. As an added benefit, valuable rewards are earned on these credit card transactions!

In addition to our cash management solutions, we take steps to secure our customers’ accounts, which include requiring the use of an RSA® token when sending a wire or ACH transaction and calling to verify when a wire or bill payment transaction is sent to a new payee.

“With the increase in fraud, we’re constantly developing new methods and procedures to protect our customers,” said Sharon Quinn,” Senior Vice President, Cash Management. “Too often, companies implement these services only after they have experienced fraud. We prefer the proactive approach, and strive to educate our customers on procedures and solutions they can use to simplify that process, helping them prevent fraud, not react to it.”

In 2018, we gave back…

$170,000

in grants to non-profit organizations

$250,000

to local events, programs, and causes

1,229 hours

in volunteer time

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“At Avidia, we are really focused on the customer experience, constantly monitoring activity to ensure our customers are not being defrauded or involved in any fraud scams.”

Liz Own, Vice President and BSA Officer

Avidia’s Loan and Deposit Operations Departments are redefining service

As a community bank, Avidia Bank has always strived to provide a superior level of service. But our commitment to service extends far beyond servicing customers. We’re also dedicated to serving each other to deliver a better banking experience for our customers.

We receive about 7,000 internal requests a year from our branches and colleagues in our lending team. […] When you walk into our department, you’ll see our walls decorated with thank you notes and holiday cards, which speaks volumes about the level of service we provide.”

‘We really see our role as one to support initiatives that help Avidia achieve our strategic plans. For example, if a new account is introduced to help our customers, we determine ways we can streamline the process and systems and create account types to make it easy for our customers.” 

Avidia Bank Volunteer Profiles

Avidia Bank takes pride in the amount of hours our employees volunteer their time. In each annual report, we like to take a moment and recognize a few volunteers who go above and beyond to help support our communities.

Justin Provencher

What organizations do you currently volunteer for?
Hudson Rotary Club – Treasurer
Salvation Army Service Unit – Treasurer
RF Wood Foundation – Treasurer
Elected member of the Hudson Municipal Light Board

What would you consider to be your primary role?
As treasurer of multiple organizations I ensure that the finances of each non-profit is in balance and in accordance to their respective budgets. While I enjoy “keeping the books” my favorite part is organizing events such as the Spirit of Hudson or Hudson Touch a Truck that provide a fun experience for the  community while at the same time raising funds for great causes locally and  internationally. Each organization I am involved with provides opportunities to those in financial need.

Why are you passionate about volunteering?
I have always enjoyed staying busy and helping those in need. Volunteering and being involved in the community has been a part of my life from an early age where when I was 12 I volunteered at the Hudson Public Library. We all have one life to live on this planet and in the end I want to make sure that my time here has made a difference.

Is there anything else you would like people to know?
From March 23rd – 30, 2019 I travelled to Panajachel, Guatemala with Rotary International for my first international service project. I joined other Rotarians from Massachusetts and Guatemala to assist in the installation of 183 Onil stoves for two rural villages. The stoves will improve the overall health of the home, decrease the usage of firewood, and save the families time and money.

Mary Laitila Rice

What organizations do you currently volunteer for?
St Bernard’s Parish Prayer Shawl Group
PFAC (Patient & Family Advisory Council) for US Memorial Health
Alliance (Leominster) & Clinton Hospitals.

What would you consider to be your primary role?
For St. Bernard’s I crochet or knit prayer shawls and lap blankets which are given to people who are undergoing a serious illness, major surgery, etc. We fill specific requests and also donate to the local Cancer Center, Hospitals, Hospices, and Veterans Homesteads.
For PFAC, I’m part of a group consisting of both local citizens and hospital officials & employees that discuss and implement changes to make both the patients’ and their families’ experience better and easier at the Leominster and Clinton campuses of the hospital. We recently designed a new welcome brochure that is available in several languages geared to the population served. Last year we toured a prototype of the proposed new Emergency Department
and made several recommendations for changes and design improvements that were implemented with the recent completion of Phase 1 of project.

Why are you passionate about volunteering?
I have always enjoyed staying busy and helping those in need. Volunteering and being involved in the community has been a part of my life from an early age where when I was 12 I volunteered at the Hudson Public Library. We all have one life to live on this planet and in the end I want to make sure that my time here has made a difference.

Why are you passionate about volunteering?
It’s a good feeling knowing that I’m helping people.

Avidia Bank Corporator Profiles

Employees are not the only ones with eyes and ears on the street. Our corporators govern Avidia’s holding company, Assabet Valley Bancorp, and are respected members of the communities in which we serve. We rely on them to let us know how Avidia is perceived when out and about and relay important feedback to us, positive or negative.

Andrew Abu

Why did you decide to accept the position of Corporator for Avidia Bank?
I wanted to be a member of a community of well-respected and diverse business people with a common interest in a local banking organization. I felt that I could learn a lot from the association, and that certainly has been the case.

Tell us about your business and how you make an impact in the community.
I joined the real estate industry in 1990, where I have developed a reputation for providing outstanding customer service almost exclusively working by personal referrals from past clients. In September 2004, I formed my own real estate company. Our firm maintains top sales status consistently in our county, but we measure our success by the trust and confidence that clients place in our group.

I am on the Board of Directors for the Realtor Association of Central Mass and serve on Professional Development. I also support multiple charitable endeavors in the community including MS, ALS and is on the Board of Directors for the Southborough Community Fund.

Phil Jack

Why did you decide to accept the position of Corporator for Avidia Bank?
I have worked with dozens of banks and lenders over the last 20 years and found that very few of them can match Avidia’s commitment to their customers, industry partners and employees.

I refer people to Avidia not just because I know the bank has great products and rates, but also because I know Avidia has a culture based upon caring about and doing right by their customers.

Tell us about your business and how you make an impact in the community.
Wise & Jack is primarily a real estate and business transaction law firm serving Eastern and Central Massachusetts. We specialize in all aspects of real estate law including commercial and residential acquisition, financing, leasing, permitting and condominium creation.

On a personal level I have tried to make an impact on my community through coaching and by volunteering for both municipal and non-profit boards. I have been either an elected or appointed member of the Ashland Board of Selectmen, Ashland Zoning Board of Appeals, Ashland Affordable Housing Committee, Ashland Conservation Committee, Metrowest Regional Transit Authority, Metrowest Growth Management Committee, and Massachusetts Democratic State Committee. I am currently serving on the Board of the non-profit Hoops & Homework based in Framingham, MA.

Trustees emeritus

  • Roger B. Leland
  • Oliver F. Nunes, Jr.
  • James. E. Tashijan
  • Fred B. Williams

Consolidated statements of financial condition (Unaudited)

Consolidated statements of income (Unaudited)

HUDSON

Main Office
42 Main Street
Hudson, MA 01749

Mon-Fri: 8am-4pm
24-hour walk-up ATM

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

270 Cochituate Road
Framingham, MA 01701

Mon-Wed: 8:30am-4pm
Th-Fri: 8:30am-6pm
Saturday: 8:30am-12pm
24-hour drive-up ATM

WESTBOROUGH

100 E. Main Street
Westborough, MA 01581

Mon-Wed: 8:30am-4pm
Th-Fri: 8:30am-6pm
Saturday: 8:30am-12pm
24-hour drive-up ATM

CLINTON

1073 Main Street
Clinton, MA 01510

Mon-Wed: 8:30am-4pm
Th-Fri: 8:30am-6pm
Saturday: 8:30am-12pm
24-hour drive-up ATM

LEOMINSTER

470 Lancaster Street
Leominster, MA 01453

Mon-Wed: 8:30am-4pm
Th-Fri: 8:30am-6pm
Saturday: 8:30am-12pm
24-hour drive-up ATM

MARLBOROUGH

256 Maple Street
Marlborough, MA 01752

Mon-Wed: 8:30am-4pm
Th-Fri: 8:30am-6pm
Saturday: 8:30am-12pm
24-hour drive-up ATM

NORTHBOROUGH

53 W. Main Street
Northborough, MA 01532

Mon-Wed: 8:30am-4pm
Th-Fri: 8:30am-6pm
Saturday: 8:30am-12pm
24-hour drive-up ATM

SHREWSBURY

23 Maple Avenue
Shrewsbury, MA 01545

Mon-Wed: 8:30am-4pm
Th-Fri: 8:30am-6pm
Saturday: 8:30am-12pm
24-hour drive-up ATM

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