A rendering of the Cape Cod Five Savings Bank.
HYANNIS – The Cape Cod 5’s decision to partner with Fidelity Bank is being touted as a way to improve both organizations and grow their assets to accomplish future goals.
The banks will be merging but not in the typical sense, said Cape Cod 5 Chairman and CEO Matt Burke, as he says customers can expect the same service, name and branding they’ve always known.
“The two banks will continue to operate with their own brands, franchises, and operations as well as leadership and roles at the two respective banks will not change,” Burke said.
As a Cape Cod 5 is a mutual bank, they don’t have any owners and will continue their mission of enhancing the community for which they work.
Burke noted that Cape Cod 5 currently has $5.5 billion in assets and will grow to $7 billion with the partnership, which will help them maintain their current standing amid the interest rate increases being seen around the country.
“The alternative, which I think a lot of other organizations are doing, is saying ‘I need to cut back’ and are cutting back on people and branches. Not something that we want to do,” said Burke.
As the lead bank in the partnership, Burke says it will be a way to leverage their people and continue to grow and develop their organization without getting into the spiral of cutting.
With the banking industry being hit hard by inflation, community banks are continuously looking for ways to keep functioning at the level their customers are accustomed to.
About Zachary Clapp
