Cape Cod Five Highlights Business and Philanthropic Successes at Annual Meeting

HYANNIS – Another year of business and philanthropic successes were highlighted at the Cape Cod Five Cents Savings Bank’s Annual Community Commitment meeting.

Specific accomplishments underscored at last week’s meeting included providing more than 16 thousand dollars from the Cape Cod Five family for hurricane relief; receiving an Outstanding CRA rating from the FDIC for the 9th consecutive time; being named MassHousing’s number one lender for low and moderate income borrowers in Barnstable County for the 10th year in a row; and celebrating employee board and volunteer participation with area nonprofits.

The meeting, held this year at the Resort and Conference Center in Hyannis, was led by bank Cape Cod Five President and CEO Dorothy Savarese who heralded the institution’s work in the community.

“We know when we collaborate with our nonprofit partners, it exponentially increases the impact of our efforts, our energies and our resources, benefitting the people and the communities we jointly serve,” said Savarese, who also serves as chairman of the bank’s charitable foundation.

Following the meeting Savareese expressed the critical role that community banks play in the United States, “We believe that our country needs banks of all sizes and it needs community based institutions that understand the unique needs of the local community. Especially in the Cape and Islands we have elements here like seasonality nobody else does.”

Also key during the event was Cape Cod Five’s Business achievements, with Savarese gleefully reporting strong financial results and healthy growth for the bank during the first six months of 2017.

“We’re really excited that we’ve been able to introduce at the bank a lot of tools and resources that make it so much easier for people to manage their financial lives,” she said.

A special presentation was held to recognize David Willard, Cape Cod Five’s Director of Community Relations, for his 50 years of dedicated service to the Bank and his impact on the nonprofit community.

In addition to a retrospective on Willard’s long career, the Bank announced an award of $50,000 that will be used to fully endow a scholarship at Cape Cod Community College and a special gift to the Community Development Partnership, an organization he helped found, and a grant to the Housing Assistance Corporation.


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