Leominster-based Fidelity Bank has announced the appointment of Richard Fay as its Senior Vice President and Chief Financial Officer (CFO), marking a significant addition to the leadership team of the longstanding financial institution. With a 17-year career at a national certified public accountant and advisory firm, Fay brings a wealth of experience to his new role, having previously served as Fidelity's senior vice president and director of accounting and finance since August 2023.
In his capacity as CFO, Fay is tasked with spearheading key initiatives, including the identification of strategic opportunities, implementation of operational efficiencies, and ensuring regulatory compliance for Fidelity Bank. The announcement, made through a press release issued by the bank on February 29, 2024, underscores the importance of Fay's unique banking perspective gained from his extensive years in the field.
Ed Manzi, Chairman, and CEO of Fidelity Bank, expressed confidence in Fay's abilities, stating, "During his time with Fidelity Bank, Richard has delivered a unique banking perspective for our team due to his many years in the field." Manzi highlighted Fay's commitment to fostering collaboration among teams, maintaining professional standards, and upholding Fidelity Bank's LifeDesign promise of providing care, clarity, and confidence in all aspects of their operations.
Fay holds a master's degree in accounting from Northeastern University in Boston and a bachelor's degree in business administration from Bryant University in Smithfield, Rhode Island. As a certified public accountant, he served as principal for the Boston-based CPA firm Wolf & Co. from October 2019 until his transition to Fidelity in August 2023.
Fay takes over the role of CFO from Nancy Coyle, who has moved on to become the CFO for Stoneham Bank, according to her LinkedIn profile. This transition comes as part of Fidelity Bank's ongoing commitment to maintaining a strong leadership team capable of steering the institution through dynamic financial landscapes.
Founded in 1888, Fidelity Bank has established itself as a key player in the banking sector, with 13 banking centers spread across Central and Eastern Massachusetts. The bank reported total assets of $1.5 billion in December, showcasing its robust financial position. In September, Fidelity publicly announced its intentions to merge parent companies with Hyannis-based Cape Cod 5 bank, creating a formidable $7 billion organization.
As Fidelity Bank continues to navigate the evolving financial landscape, the appointment of Fay as CFO positions the institution strategically to pursue growth opportunities, streamline operations, and uphold its commitment to providing exemplary financial services to the communities it serves.
