ORLEANS – In addition to reporting strong financial results for 2018, Cape Cod Five Cents Savings Bank also highlighted its successes in pursuing its community bank mission at its annual meeting on May 15.
The bank successfully pursued its mission by expanding customer relationships; increasing community impacts in the region; introducing new digital functionality, and achieving strong growth for the year. It was named one of the “Best Banks to Work For” by American Banker and “Top Places to Work” by the Boston Globe at its Annual Meeting of the Corporators.
Through its investment in online resources and new facilities, introduction of enhanced products and services, and a focus on service excellence, the Bank welcomed 3,400 new customer households in 2018. Cape Cod 5 reported net income of $24.5 million, grew assets by 6.3%, surpassing $3.4 billion and increased deposits, which ended the year above $2.8 billion, by 6% over 2017.
The Bank remains well-capitalized according to all regulatory definitions. Cape Cod 5 also reported on their efforts to support their employees as well as their extensive community engagement activities.
In 2018, Cape Cod 5 welcomed new customers and communities with the opening of a second full-service location on Martha’s Vineyard in Edgartown, a Lending and Wealth Management Office on Resnik Road in Plymouth and by purchasing the future homes of a Provincetown Banking Center and a Barnstable Banking Center located on the grounds of their new headquarters on Route 132 in Hyannis which is set to open in late 2019.
“As a values-based organization, Cape Cod 5 continues to evolve to meet the ever-changing needs of our customers and communities through all of our efforts including leveraging technology to support their financial journeys while working to protect their privacy and safeguard their finances. We believe our core values and commitment to our customers, local communities and employees is a differentiator, and enables us to serve as a trusted financial advisor,” said Dorothy A. Savarese, President and CEO of Cape Cod 5.
“Our mission to enrich lives is at the forefront of everything we do, as we work to contribute to the health and vitality of our communities, and support the development of our dedicated employees.”
At the meeting, Jitka Borowick of Barnstable, Benjamin deRuyter of Brewster, Wendy Harman of Martha’s Vineyard, John Judge of Plymouth and Penelope Frances Randolph of Truro were elected as new Corporators of the Cape Cod Five Mutual Company.
“We are delighted to welcome these well-respected individuals as part of the body that oversees Cape Cod 5’s mission,” said Savarese.
During the Meeting, the Bank presented its 2018 Annual Report, which can be found at capecodfive.com.
By TIM DUNN, CapeCod.com News Center
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