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Avidia Bank has spent its nearly century and a half based right around the Assabet Valley, where it keeps its headquarters in Hudson. But now the bank is making a bet on an eastward expansion toward a much more crowded Boston market. The bank borrowed $25 million this summer to finance growth that starts with a new branch in Framingham scheduled to open Sept. 25 at 270 Cochituate Road. "We feel that the opportunities are east of here," said Margaret Melo Sullivan, Avidia's executive vice president, chief financial officer and treasurer.
Local officials and members of the business community joined Avidia Bank’s management team Sept. 27 to celebrate the grand opening of the bank’s newest location at 270 Cochituate Road in Framingham. The one-of-a-kind facility will contain a unique digital experience as well as a team of expert bank representatives from the consumer, investment and commercial groups to serve the banking needs in Framingham, officials said. The new building features light colors and modern materials, including insulated metal panels and glass.
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.