Fidelity Bank in Massachusetts Names New COO

Fidelity Bank, a mutual in Fitchburg, Mass., that's merging with another mutual, has named Christopher McCarthy chief operating officer.

McCarthy will succeed John Merrill, who's resigning to make a career change, according to the Worcester (Mass.) Telegram. McCarthy will become both COO and president of the $616 million-asset mutual thrift on Oct. 5. Merrill will remain with Fidelity until June.

Fidelity did not immediately return a request from American Banker for comment.

Merrill's brother, James Merrill, has been indicted on charges of wire fraud and conspiracy, the Telegram reported. He's accused of operating a $1 billion Ponzi scheme through a company he co-founded, TelexFree, which was a Fidelity customer. Fidelity recently agreed to pay $3.5 million into a fund for victims of the scheme, but denied wrongdoing.

Before joining Fidelity, McCarthy was a wealth management executive at TD Bank, Enterprise Bank and Safety Fund National Bank.

Earlier this month, Fidelity agreed to merge with Barre Savings Bank, a $153 million-asset mutual thrift in Leominster, Mass.