Newly-elected corporators introduced, charitable foundation funding announced
Last week, Cape Cod Five Cents Savings Bank and the bank's parent company, Cape Cod Five Mutual Holding Company, held their annual meetings at the Cape Codder Resort in Hyannis. President and CEO Dorothy A. Savares shared good financial news with the attendees. In 2011 assets increased 6.6% to $2.10 billion and the net income for the year was $13 million--a 3.1% increase over the previous year.
The bank's commitment to local lending was bolstered by a 7.5% increase ($126.9 million) in deposits bringing net loans from $138.2 million to $1.56 billion.
"The bank was able to continue its prudent growth, remain strong and expand its customer base through the commitment of its corporators and trustees and through the dedication of our employees who serve our customers on an individual basis each and every day in a consistent, high quality manner," said Savares.
Newly-elected corporators announced
During the meeting, Savares announced the newly-elected corporators of the Cape Cod Five Mutual Company: Shawn J. Almeida of Almeida and Carlson Insurance Agency, Charles L. Bardelis, Jr. of Island Commuter Corporation, Sheila O'Brien Egan of Swain's Travel, Paul Grover of Robert Paul Properties, Christopher J. Joyce of Joyce Landscaping, Inc., Peter Karlson of NeuEon and Entrepreneur in Residence at the Cape Cod Chamber of Commerce, Alan R. Long of Eldredge and Lumpkin Insurance Agency, Robert A. Maffei of Robert Maffei Landscaping Contractors, Laura Lorusso Peterson of Cape Cod Aggregates Corporation, Melissa D. Philbrick of ReMain Nantucket, Scott V. Robertson, Sr. of Robertson Auto Salvage and local attorney Brett A. Sanidas.
In the bank's quarterly report, Savares noted, "Our steady, conservative approach has served us well and, as always, we will continue to pursue our mission of responsibly providing financial products and services in our communities."
In January of this year, Cape Cod Five filed to change its structure to a mutual holding company, a move that has clearly strengthened the bank's place in the community.
Charitable foundation funding announced
Cape Cod Five Center Savings Bank Charitable Foundation Trust. The $1 million will create a permanent endowment that will fund a new $45,000 annual category of giving named in honor of Willard.In honor of the 45th anniversary of David B. Willard joining Cape Cod Five, Savares announced $1 million in funding to the
"Finding a meaningful way to recognize David's contribution to Cape Cod Five and the communities we serve was not a simple task, Savares said. "We hope to recognize his decades of effort and allow him to have a long lasting impact on the work of the bank and the foundation for many years to come."
The Cape Cod Five Center Savings Bank Charitable Foundation Trust was founded in 1998. Serving the needs of the Cape and Islands, the foundation supports local youth, culture and art, economic development, health and elder services and conservation and environmental non-profits. Willard is the bank's Vice President and Director of Community Relations.
Cape Cod Five Cents Savings Bank was founded in 1855. For more information about the bank, its many services or one if its twenty locations across Cape Cod, visit their website here.