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Hudson, MA (July 31, 2017) – Assabet Valley Bancorp (the “Company”), the no-stock mutual holding company for Avidia Bank (the “Bank”), announced today the completion of its private placement of $25.0 million in fixed-to-floating rate subordinated notes due 2027 (the “Notes”). The Notes bear a fixed rate of 5.50% for the first five years and will reset quarterly thereafter to the then current three-month LIBOR rate plus 360 basis points
Avidia Bank announced that it has received the Lender of the Quarter award from the Small Business Administration.
As a preferred SBA lender, Avidia Bank allows local small businesses to have quicker access to funds to start, expand or acquire a business and for those businesses that otherwise may have difficulty getting approved outside of the SBA process.
Avidia Bank announced that it will receive the Digital Edge award for how it promoted the launch of its Cardless Cash initiative using multiple social media platforms.