Cape Cod Five Purchasing Falmouth Branch of Mutual Bank

KA_Wellfleet_Cape Five Bank 5_102915

CCB MEDIA PHOTO Cape Cod Five branch in Wellfleet

FALMOUTH – The Cape Cod Five Cents Savings Bank is purchasing the Falmouth branch of the Mutual Bank at 668 Main St. and will acquire $26 million dollars in deposits.

The sale price was not immediately released. The Cape Cod Five has an existing branch at 763 Main St. in Falmouth, which will be moved to the Mutual Bank location.

“We had plans to renovate our existing branch, and this opportunity will allow us to provide our customers an attractive, expanded facility more quickly. We are also looking forward to increasing relationships with Falmouth residents and businesses from this new location,” said Cape Cod Five President and Chief Executive Office Dorothy Savarese.

The existing Cape Cod Five branch in Falmouth already had $164 million in deposits. The transaction is pending regulatory approval.

The Mutual Bank property has two buildings constructed in 2003, including a bank branch and a three-lane drive-up window. The sale includes all the real property and assets of the Falmouth branch of Mutual Bank.

“We have a significant customer base in Falmouth and had outgrown our existing facility. We wished to accommodate them with an enhanced structure,” said Savarese.

The Mutual Bank customers will become Cape Cod Five customers following final approval of the deal by regulators. Savarese said she hopes the purchase will continue to show their Falmouth customers the commitment they have to the town.

The Cape Cod Five is also working on an expansion on Martha’s Vineyard.

“We’re in the process of finishing a smaller branch on Martha’s Vineyard that we’re excited about bringing to market to house a lot of our folks that are already actively working over there,” Savarese said.

The Mutual Bank was founded in the late 1800’s in the Brockton area and currently has branches around Southeastern Massachusetts. The Falmouth branch was their only Cape Cod location.

Founded in 1855, the Cape Cod Five Cents Savings Bank, headquartered in Orleans, is an independent state-chartered bank with over $2.8 billion in assets and 21 locations across Cape Cod, the Islands and Southeastern Massachusetts.

By MATT PITTA, News Director

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