HYANNIS – The parent companies of Cape Cod 5 and Fidelity Bank have agreed to combine into one holding company, though representatives said each will continue to operate independently.
The Cape Cod 5 name and brand will stay, and officials with the organization said the new structure will open up more opportunities through shared resources.
Cape Cod 5 has 26 locations across the Cape and Islands region and holds over $5.5 billion dollars in assets.
The partnership will result in more than $7 billion in combined assets.
Matt Burke will continue as Chairman and CEO of Cape Cod 5, as well as for Mutual Bancorp: the new multi-bank holding company.
“Fidelity Bank and Cape Cod 5 are both long-standing institutions with very similar cultures and values. We both focus on personalized service to consumers and businesses, and a commitment to making a positive impact in our communities,” said Burke in a statement.
“This partnership will strengthen Mutual Bancorp and enable us to utilize shared resources and best practices so that each bank can grow in size, strength, and offerings to customers. The combination will allow us to adapt to an ever-changing environment, as well as provide additional growth and development opportunities for our dedicated teams.”
According to Cape Cod 5, as part of the partnership agreement, Fidelity Bank will form a $5 million Charitable Foundation, providing increased and ongoing support to non-profit organizations, causes, and events in their market areas.
Cape Cod 5 has an established Foundation through which it will continue to support its communities, said representatives in the statement.
About Grady Culhane
