Table of Contents

INVESTED

To ensure the individual successes of each customer,client, and employee.

PERSONALIZED

To deliver convenient products and experiences that lead to individual success.

MAKE IT EASIER

To make it simpler for our customers and employees to reach their goals.

Going Beyond What We All Thought Was Possible. Together.
An Honest Message from Our President.

Another year and another Avidia Bank Annual Report.  But as we all know too well, 2020 was no ordinary year.  With the COVID-19 pandemic and social unrest, we experienced many changes and challenges in our world –  and in our own homes, neighborhoods, and businesses.  

Still, amidst the social distances and shutdowns, the pauses and pivots, we moved forward together in ways that went beyond what we all thought was even possible. 

We developed and learned new and innovative ways of doing routine tasks. We realigned our schedules,  workspaces, and priorities, and discovered resilience and abilities we didn’t even know we had.  

At Avidia, we’re proud of what we’ve been able to overcome and accomplish together. 

A community of people rising up to meet new challenges 

Our foundation of sound financial management and investments in innovation helped us quickly provide support to local people and communities at a time when they needed it most. 

To help meet the unprecedented challenges of small businesses, we originated over $200 million in Paycheck  Protection Program (PPP) loans. We also worked to provide financial relief to individuals and families through deferments and opportunities to skip loan payments.  

Supporting our communities in challenging times requires the work of many. That’s why we were proud to partner with non-profit organizations to stock depleted food pantries, provide protective equipment for healthcare workers, and support a range of ongoing needs.

Staying connected to local people 

Our long-term investment in digital banking and other technology solutions helped us keep our customers safe and connected to their money. And, it allowed us to support remote work environments to help employees stay working and better manage unprecedented scheduling challenges at home.  

Growing strength 

Though we faced new priorities, we managed to continue our strategic goal of growth. We took in record deposits,  providing our customers with a way to safeguard their money, and initiated a record number of mortgages to give people the opportunity to lower monthly payments and move forward with their homeownership dreams.  

We also continued carrying out our plans to make banking convenient and personal for our customers with the relocation of our Washington Street branch and the renovation of our Headquarters in Hudson.  

We look forward to 2021 with renewed strength and optimism as we strive to return to normal operations, and want to thank you for placing your trust in us during a year of tremendous challenge.

We did it. Together.  

Sincerely, 

Mark O’Connell, President & CEO

Support That’s Built to Last

In times of challenge, we’re often told to look for helpers. We certainly saw our share of them in 2020 – from our healthcare workers on the front lines to cashiers and workers in grocery stores. People helping people is what being a part of the community is all about, and as a community bank, Avidia was ready to pitch in to help.  

Our commitment has always been to support our customers and communities – in good and challenging times.  

To guide us along that path, we rely on three brand tenets that support everything we do. In 2020,  these values helped us stay focused on what’s always been our most important goal – putting people first. 

INVESTED

To ensure the individual successes of each customer, client, community, and employee.

A lot changed in 2020, including our goals, needs,  and priorities. Heck, even our fashion choices (masks anyone?). Many of us also changed our definitions of success.  

Businesses once open to expansion became focused on keeping their doors from closing. Savers once planning for long-term goals suddenly started planning for unexpected expenses. At Avidia, we were focused on doing whatever it takes to help local people achieve their successes in 2020.

Lending a hand to local businesses with PPP loans

The social distancing and shutdowns during 2020 left small businesses around the country with an unprecedented challenge:  survival. That’s why when the Small Business Administration announced the Paycheck Protection Program (PPP), which offered businesses forgivable loans for managing payroll and other expenses,  we knew we had to help local businesses.  

Through the hard work and collaboration of many of our employees and departments, we provided more than $200 million in loans to some 1,700 businesses, helping keep businesses open and local people employed.

“We knew that PPP loans weren’t just important for businesses, but for our communities that depend on them.”

Rita Janeiro, Senior Vice President, Community Banking

Offering loan payment relief 

With job losses and unemployment, many families faced challenges meeting their financial obligations, including credit cards, mortgages, and other loan payments. To help ease the burden and boost cash flow, Avidia worked with our customers and offered opportunities to skip payments without impacting their credit.

 

Increasing community support  

We’ve always been dedicated to doing our part to strengthen the cities and towns where our customers live and work. In 2020, we continued to support the non-profit organizations that work to make life better for others and increased our contributions to help local food pantries to help them meet increased demand. 

Bank Donations

$221,000

Charitable Donations

$221,750

Dan DeAngelis, VP Facilities & Mikala  Geurtsen, AVP Corporate Clerk & Project  Manager, check-in on progress at the new  Washington St. Branch

Building on our plans to serve

The pandemic may have paused life for a period, but it did not stop Avidia from moving forward with our plans to make banking more convenient in Hudson. Those plans included the relocation to a new branch on Washington  Street, renovations to Avidia  Headquarters on Main Street,  and the expansion of the  Financial Center on Pope  Street. The decreased traffic during the pandemic actually expedited construction and reduced customer disruption.

PERSONALIZED

To deliver convenient products and experiences that lead to individual success.

Individuals and businesses have a lot of choices when it comes to where they want to bank. So we often  honestly ask ourselves, “Why do people choose us?” 

It’s not because we’re exceptionally bright (orange) or because we have revolutionary products and services that other banks don’t offer.  

It’s because we offer convenient products and personal services that meet the needs of each individual customer. 

Staying connected to the needs of our customers
In 2020, the global pandemic accelerated the future of digital banking as more and more individuals and businesses began banking online. As a bank that continually invests in technology,  Avidia was ready for it.  

But though banking offers safety and convenience, our customers must always have access to personal support when they need it, where they need it. That’s why through branch appointments,  drive-up services, and telephone support, we provided opportunities for our customers to get personal assistance to help them manage their finances.  

Personal services  

Our commitment to blend personal and digital service is why we continue to enhance our branch network. Our new, relocated branch on Washington  Street in Hudson, for example, will offer expanded teller services as well as technology to allow customers to learn more about and experience the convenience of digital banking services.  

Meeting the needs of our employees and customers 

From the front lines to the back office, all our employees are essential to helping  Avidia carry out our mission. To help keep them safe and, at the same time, meet changing circumstances at home, we shifted to a remote work environment wherever possible. Our investments in technology allowed us to make this shift without interrupting the service we provide to our customers.  

Some department managers had the ability to provide flexible work hours when possible and scheduled one-on-one meetings to check in on employees to see how they were handling the stresses of the pandemic at home. 

“We actually got to know
each other beyond the work
environment, which has
brought us closer.”

Janel Maysonet, Senior Vice President and Chief Marketing Officer.  

Appreciation virtually for all members of the team

The pandemic also didn’t stop us from continuing one of our most important traditions – our annual Employee Spirit Week, which honors the contributions of our  260 employees in all locations. Leveraging technology, employees were encouraged to post pictures of themselves and their families, and our President and CEO Mark  O’Connell shared a video message. It was one of our most successful events even before the pandemic, giving us a chance to see each other and come together.  
The photos to the right are a small portion of what was submitted by employees to show how they are working during the pandemic, whether remotely from home or on the front lines.

MAKE IT EASIER

To make it simpler for our customers and employees to communicate and reach their goals.

In times of uncertainty, it’s essential that we feel connected not just to others, but to our finances. As a bank dedicated to innovation, Avidia continued to provide our customers with secure, convenient, and easy ways to connect to their money.

Putting financial control in our customers’ hands

Through services like digital wallets, we allowed customers the ability to make safe and clean purchases. We also enhanced our  Avidia mobile banking app to not only offer a fresh new design but new features that allow them to take more control of their money on their terms. 

The new app features all of the conveniences our customers are accustomed to – person-to-person payments, card controls,  biometric ID, as well as new features, including Savvy Credit, a tool that gives people the power to access and manage their credit score as well as a new locator to make it easy for customers to find ATMs. 

Closing in on convenience 

We were also able to leverage the power of technology to streamline the mortgage process. In 2020, with the low rate environment, we initiated a  record number of home refinances. With innovative services that allow for electronic signatures, we were able to simplify the closing process for our customers.

Delivering tools and information

Part of being connected means having access to information. That is why we continually reached out to our customers through social media, email and the Avidia Advice blog to offer tips, tools, and information to help our customers manage and protect their money and stay informed about opportunities available to them, such as PPP  loans and payment relief.  

We also made a significant investment in Salesforce to help us identify customer needs and deliver solutions that help resolve them.  

We’ll continue to innovate and offer new features to our mobile banking app to ensure our customers always stay where they need to be –  connected.  

“The best banking is done in your pajamas.” 
Lexi, Animated Spokesperson
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Trustees emeritus

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

Directors
Corporators
Officers

Consolidated statements of financial condition (Unaudited)

Consolidated statements of income (Unaudited)

 

Hudson • Westborough • Framingham 

Clinton • Leominster • Marlborough • Northborough • Shrewsbury

Honest to Goodness. AVIDIA Bank

Member FDIC | Member DIF | NMLS# 422902 | avidiabank.com