Avidia Bank

Avidia Bank was formed in 2007 by a merger between two Massachusetts financial institutions, Hudson Savings Bank and Westborough Bank.  Avidia Bank is chartered as a FDIC Savings Bank.  Therefore the primary regulator is the Federal Deposit Insurance Corporation (FDIC).  The bank has nine bank branches located in seven towns in central Massachusetts: Hudson, Westborough, Clinton, Leominster, Marlborough, Northborough and Shrewsbury.  In 2008 the bank had assets of $939,313,000 and total deposits of $638,267,000.  Net income for the year was $270,000.

Hudson Savings Bank opened for business in 1869, and has been headquartered at 42 Main Street in Hudson since 1895.  Hudson Savings is one of the largest mortgage lenders in central Massachusetts and served customers in five offices located in four different towns.  Westborough Bank also began doing business in 1869.  Westborough Bank served customers from four offices in three area towns.

Avidia Bank most recent performance ratios.
As of December 31, 2008:

Yield on earning assets 5.88% 
Cost of funding earning assets 3.19%
Net interest margin  2.69%
Return on assets (ROA) 0.03%
Return on equity (ROE)  0.38%
Noncurrent loans stood at 1.36%
Equity capital to assets  7.56%
Core capital (leverage) ratio 6.05%
Tier 1 risk-based capital ratio 8.62%
Total risk-based capital ratio 9.56%
Equity capital to assets 7.56%

Avidia Bank products and services:

Certificates of deposit and IRAs, senior checking account, super NOW, value NOW which is a basic interest bearing checking account, smart checking is a checking account free of transaction and service fees, the most account, smart savings is a statement savings account, passbook accounts, money market account, wide variety of fixed and variable rate mortgages, equity loans, consumer loans for a wide variety of purposes, including the purchase of a new or used car, a recreational vehicle, or mobile home, collateral loans, credit cards, personal unsecured loans-even loans through overdraft protection, credit cards, internet banking, investment and trust services department and savings bank life insurance, corporate checking account, business debit card, basic business checking account, commercial mortgages, construction/land development loans, business term loans, working capital lines of credit, cash management services, trust services, investment services, business banking right over the internet and merchant bank card processing.

Main Office
42 Main Street
Hudson, MA 01749

221 Washington Street
Hudson, MA 01749

100 E. Main Street
Westborough, MA 01581

1073 Main Street
Clinton, MA 01510

470 Lancaster Street
Leominster, MA 01453

256 Maple Street
Marlborough, MA 01752

53 W. Main Street
Northborough, MA, 01532

23 Maple Avenue
Shrewsbury, MA 01545

Phone number connecting all offices: 800-508-2265

Web address: www.avidiabank.com

Tags: Avidia Bank, bank, certificate of deposit, checking account, FDIC, free checking account, Massachusetts bank, money market account, savings

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