Cape Cod 5 hosted its annual meeting of the Board of Corporators of the Cape Cod Five Mutual Company on Wednesday, May 20, which was held virtually for the first time in the bank’s 165-year history.
John J. Judge, president of Pinehills LLC in Plymouth, was elected as a trustee. Dorothy Savarese, chair and CEO of Cape Cod 5, also reviewed how the bank’s financial strength, commitment to its mission of enriching lives and enhancement of its workplace culture strengthened its ability to respond to the current challenges posed by the ongoing COVID-19 pandemic and continue to effectively serve its customers and communities.
“During this difficult time, Cape Cod 5 remains singularly focused on responding to the needs of our customers, community members and employees, just as we have for the past 165 years,” said Savarese. “We are so pleased to welcome to the board John Judge, who understands our mission and shares our commitment to innovation, the ability to rapidly adapt to change and a focus on resiliency in our service to our customers and community members.”
By leveraging continued advancements in digital technologies and processes, as well as investments in online resources and new facilities, Cape Cod 5 said it had achieved strong results in 2019. Cape Cod 5 reported net income of $26.9 million, grew assets by 6.5 percents surpassing $3.6 billion and increased deposits, which ended the year above $3 billion, by 8.1 percent over 2018. The bank remains well-capitalized according to all regulatory definitions.
Cape Cod 5 also reviewed its strategic accomplishments from the last year, including the completion of its new headquarters, HQ5, which serves as a physical symbol of the bank’s investment in the community it serves with environmentally responsible, innovative elements and advanced technologies to support the continuation of its mission.
Among its COVID-19 response activities, Cape Cod 5 has taken the following measures to support local residents and businesses who have been affected by coronavirus: made several customer accommodations and modifications to products and services to provide relief; participated in the SBA’s Paycheck Protection Program to help local businesses retain and pay their workforce; provided financial education to help empower and protect customers against COVID-19 scams and fraud; and committed $500,000 in philanthropic support to its communities, including crisis relief organizations, food pantries, healthcare and economic development.
The bank published a digital version of its Annual Report available to view on its website at https://www.capecodfive.com/annualreport.